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Russia's state nuclear company, Rosatom, is pursuing fresh investment talks to sell nearly half of its stake in Türkiye's $25 billion Akkuyu Nuclear Power Plant (NPP), as the project approaches its first power generation milestone.
The company is discussing the sale of a 49% stake with both Turkish and international investors, according to Anton Dedusenko, chairman of the Rosatom subsidiary overseeing the Mediterranean coast facility. He made the comments during the Nuclear Power Plants Expo & Summit in Istanbul.
"The closer we are to the first unit generating electricity, the more investors start coming," Dedusenko said in an interview with Bloomberg.
The renewed investment push comes after a previous attempt collapsed in 2018, when a consortium of major Turkish construction companies withdrew from negotiations. The group, comprising Cengiz Holding, Kolin Insaat Turizm Sanayi ve Ticaret, and Kalyon Insaat Sanayi ve Ticaret, cited disagreements over commercial terms for their departure.
The 4.8-gigawatt Akkuyu plant represents a significant milestone for Türkiye's energy infrastructure as the country's first nuclear facility. Its initial unit is currently undergoing testing phases ahead of an expected 2026 launch date for electricity production.
"I'm confident that by the end of the year, we will have the systems that are necessary to inject electricity into the grid ready," Dedusenko said.
The project's development has faced significant hurdles, including construction delays and financing challenges stemming from international banks' reluctance to participate due to concerns over potential U.S. sanctions exposure. These constraints have forced Türkiye and Russia to explore unconventional payment mechanisms, including natural gas exchanges.
"There are many ways to deliver money here," Dedusenko explained. "We can deliver the Russian rubles, the Turkish lira."
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