The allocation of additional funding strengthens this link and reduces the risks of project freezing.
Russia allocated $9 billion for the financing of the Akkuyu nuclear power plant construction in Turkey. Ankara expects to put the facility into commercial operation in 2026.
The Akkuyu nuclear power plant project is being implemented by the state corporation Rosatom in the Mersin province in southern Turkey. The total cost of building the Akkuyu NPP is estimated at about $20 billion. An intergovernmental agreement on the construction of the plant was signed by Russia and Turkey back in 2010. Initially, the commissioning of the plant was planned for 2025. However, the launch dates have been shifted.
The Akkuyu project was originally built under a unique BOO (build-own-operate) model, whereby Rosatom not only constructs the plant but also remains its owner and operator. This means a long-term presence of Russia in the strategically important sector of the Turkish economy — energy. The allocation of additional funding strengthens this link and reduces the risks of project freezing amid global turbulence.
The Money Won't Come Immediately
Bayraktar clarified that the funding will primarily be used in 2026–2027. According to his estimate, $4 to 5 billion will be allocated already in 2026. This primarily concerns external financing and payments to the project's contractors.
For Turkey, nuclear energy is not only an issue of ecology or generation diversification but also of energy security. The country remains a major importer of gas and oil, a significant portion of which comes from Russia. The Akkuyu NPP is expected to meet up to 10 percent of Turkey's electricity needs, reducing dependence on fossil fuels and fluctuations in global prices.
The postponement of the plant's commissioning from 2025 to 2026 reflects the real challenges of the megaproject. These include rising construction costs, logistical constraints, and the pressure of sanctions on supply chains. In this situation, Russian financing becomes a way for Ankara to complete the project without resorting to expensive market loans.
Ankara is Seeking New Partners
The minister also reported on Turkey's negotiations with several countries regarding new nuclear projects. Ankara is discussing cooperation with South Korea, China, Russia, and the USA. Ankara is negotiating with Saudi ACWA Power on solar generation with a capacity of 5,000 megawatts. The first phase of the project for 2,000 megawatts is planned to be agreed upon in the first quarter of 2026. The investment volume is estimated at $1.5–2 billion.
However, it is the Russian Akkuyu NPP project that remains the most advanced and financially secured.
Turkey's interest in solar energy and energy storage projects aligns with its strategy of balance. The country's authorities demonstrate to the West their readiness to develop "green" energy while not refusing to cooperate with Russia in the nuclear sector.
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