The Russian state-held company Rosatom has signed an agreement with three Turkish construction companies, which will take a stake in JSC Akkuyu Nuclear, the project company in charge of the construction and the operation of the first Turkish nuclear power plant in Akkuyu.
The concerned Turkish companies are construction and industrial holdings having experience in BOO (build and operate) projects, in particular the field of energy, namely Jengiz Holding (belonging to Cengiz Holding), Kolin Insaat Turizm Sanayi Ve Ticaret and Kalyon Insaat Sanayi ve Ticaret. Jengiz Holding has an energy division with a total installed capacity of 2,131 MW (hydropower, solar and thermal) while Kolin Insaat Turizm Sanayi ve Ticaret has 640 MW of hydropower installed capacity. The consortium will acquire a stake of up to 49% in the project and the transaction amount has not been disclosed. Following the transaction, the stake held by Russian companies (93% Rosatom, 3.5% Inter RAO UES and 3.5% Atomstroyexport) will be reduced to 51% of the project.
The Akkuyu facility is estimated at US$20bn and will consist of four 1,200 MW VVER reactors with a combined capacity of 4,800 MW. In June 2017, the Turkish energy regulator, Energy Market Regulatory Authority (EMRA), granted a 49-year power generation license to the JSC Akkuyu Nuclear.
When fully commissioned in 2023 (initially in 2020), Akkuyu is expected to generate enough power to meet 28% of the current power demand in Turkey.
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