Russian Energy Minister Alexander Novak said that the country can finish building Turkey’s Akkuyu nuclear power plant (NPP) even if it fails to attract other investors.
“Already, $3 billion has been invested. If they won’t find an investor, it means that the plant will be built by Akkuyu Nuclear,” the minister said, referring to a firm owned by the Russian state nuclear company Rosatom.
Rosatom has been looking for partners able to cover a 49 percent stake in the project. The Akkuyu nuclear power plant is planned to be financed by the Russian corporation and its partners involving loans from export-import agencies and banks.
Akkuyu is one of the major Russian energy projects in Turkey, with Russia to remain the plant's owner, effectively selling power to Turkey.
The $20 billion project is the first NPP in Turkey. It aims to develop its own generating capacity and provide 17 percent of the country’s electricity needs. Akkuyu should enable Ankara to reduce the cost of power generation and the cost to consumers.
The agreement for constructing and operating the NPP was signed by the countries in 2010. The power plant's first reactor is expected to begin working in 2023. Akkuyu will have four reactors with a capacity of 4,800 MW, and a service life of 60 years.
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