Russia’s state-owned nuclear energy giant Rosatom is actively seeking to sell a 49 percent stake in the Akkuyu Nuclear Power Plant, a $25 billion project under construction on Turkey’s Mediterranean coast. Talks are underway with both Turkish and international investors, according to a senior company official cited by Bloomberg on Tuesday.
Anton Dedusenko, chairman of the board at the Rosatom subsidiary overseeing the project, revealed during the Nuclear Power Plants Expo & Summit in Istanbul that investor interest has grown as the project nears a key operational milestone.
“The closer we are to the first unit generating electricity, the more investors start coming,” Dedusenko said.
Construction of the plant, located in Mersin province, began in 2018. When completed, the 4.8-gigawatt facility will be Turkey’s first nuclear power plant. The first reactor unit is currently undergoing testing and is expected to be operational in 2026.
Dedusenko expressed confidence that critical systems needed to inject electricity into the grid would be ready by the end of the year.
The attempt to attract new investors follows a failed 2018 effort, when a Turkish consortium comprising Cengiz Holding, Kolin İnşaat, and Kalyon İnşaat withdrew from the project after failing to reach agreement on commercial terms.
Financing the plant has proven challenging due to international sanctions on Russia, which have made foreign lenders wary of involvement. In response, both Moscow and Ankara have explored alternative funding methods. Dedusenko noted that payment mechanisms now include local currencies and energy swaps, including the use of Russian rubles and Turkish lira.
“There are many ways how to deliver money here,” he said, referencing financial workarounds that bypass conventional banking routes.
Despite its strategic significance for Turkey’s energy diversification and Russia’s broader nuclear export ambitions, the Akkuyu project has faced delays and scrutiny, particularly over transparency and environmental concerns.
Background
The Akkuyu plant is part of Turkey’s long-term goal to reduce dependence on imported energy. Once operational, the plant is expected to supply about 10% of the country’s electricity demand. The project also underscores deepening energy and geopolitical ties between Ankara and Moscow, even as both nations navigate competing interests in other theaters such as Syria, Libya, and the Caucasus.
