The three Turkish companies expected to acquire a 49% stake in the Akkuyu nuclear project in Turkey from the Russian state-held nuclear group Rosatom, namely Jengiz Holding (belonging to Cengiz Holding), Kolin and Kalyon, have pulled out of the project, quoting the impossibility to agree on the project's commercial terms. In June 2017, the three companies signed a draft agreement with Rosatom to purchased a 49% stake but parties have failed to reach a final agreement.
The US$20bn Akkuyu nuclear project 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 and construction started in September 2017. 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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