The Russian state-run nuclear corporation Rosatom has launched construction works at the 4.8 GW Akkuyu nuclear project site. The 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.
In June 2017, Rosatom sold a 49% stake in the project to a consortium of Turkish companies, namely Jengiz Holding (Cengiz Holding A.Ş.), Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş. and JSC "Kalyon İnşaat" (Kalyon İnşaat Sanayi ve Ticaret A.Ş.). According to the intergovernmental agreement signed in 2010, at least 51% of shares remain owned by Russian companies.
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