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US financial institutions ready to support nuclear energy projects in Türkiye

This picture taken on June 26, 2025 shows a general view of the Almaraz nuclear power plant in Almaraz, western Spain. (AFP Photo)
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This picture taken on June 26, 2025 shows a general view of the Almaraz nuclear power plant in Almaraz, western Spain. (AFP Photo)
July 05, 2025 01:55 PM GMT+03:00

U.S. financial institutions are ready to provide funding for nuclear energy projects in Türkiye, particularly small modular reactors (SMR), as the two countries work to expand their strategic partnership in the nuclear sector.

Justin Friedman, senior nuclear energy advisor at the U.S. State Department, said American financial institutions have programs specifically designed to support progress in the small modular reactor field.

"(American financial institutions) have programs that will support progress, especially in the small modular reactor area. We are waiting for projects to come so we can match them with financing," Friedman told Anadolu Agency (AA) reporters.

U.S. Department of State Senior Advisor for Nuclear Energy Justin Friedman speaking to reports in Istanbul, Türkiye on 5 July, 2025. (AA Photo)
U.S. Department of State Senior Advisor for Nuclear Energy Justin Friedman speaking to reports in Istanbul, Türkiye on 5 July, 2025. (AA Photo)

US-Türkiye nuclear partnership takes shape

Friedman made his remarks during the 11th Nuclear Power Plants Summit (NPPES 2025) in Istanbul, organized by the Ankara Chamber of Industry and Nuclear Industry Association with support from the Ministry of Energy and Natural Resources.

The U.S. official emphasized America's long-term partnership goals with Türkiye, drawing from his experience as a political advisor at the U.S. Embassy in Türkiye a decade ago.

"Nuclear is part of this, and we hope to expand and develop this partnership by working together on nuclear energy," Friedman said.

U.S. Department of State Senior Advisor for Nuclear Energy Justin Friedman delivers a presentation titled “U.S. Leadership for the SMR Revolution” on the second day of the 11th Nuclear Power Plants Expo & Summit (NPPES 2025) in Istanbul, Türkiye, on July 02, 2025. (AA Photo)
U.S. Department of State Senior Advisor for Nuclear Energy Justin Friedman delivers a presentation titled “U.S. Leadership for the SMR Revolution” on the second day of the 11th Nuclear Power Plants Expo & Summit (NPPES 2025) in Istanbul, Türkiye, on July 02, 2025. (AA Photo)

Türkiye's nuclear leadership potential

Friedman highlighted Türkiye's potential to become a leader in nuclear energy, citing the country's "net and determined" 20-gigawatt nuclear installed capacity target and corporate interest in the sector.

During his visit, Friedman met with approximately five major Turkish industrial companies, all of which expressed interest in nuclear energy both for supply chain participation and their own energy needs.

"When goals are combined with a clear roadmap, Türkiye can become a leader," Friedman noted, adding that the U.S. is working with the Turkish government to develop regulations that will enable Türkiye's leadership in this field.

The installation of the outer protective shell of the reactor building of the 1st power unit of the Akkuyu Nuclear Power Plant (NPP), built by the Russian State Nuclear Energy Corporation Rosatom, has been completed on Nov 11, 2025 (AA Photo)
The installation of the outer protective shell of the reactor building of the 1st power unit of the Akkuyu Nuclear Power Plant (NPP), built by the Russian State Nuclear Energy Corporation Rosatom, has been completed on Nov 11, 2025 (AA Photo)

Natural partnership in small modular reactors

The U.S. official described the cooperation between American and Turkish companies in small modular reactor technology as "natural and organic."

"Turkish companies provide parts, materials, and services to nuclear projects abroad. It's very natural for U.S. companies to want to benefit from this expertise," Friedman explained.

He emphasized that U.S. companies seek partnerships because they believe accessing the highest quality products and services at the most suitable prices serves their interests.

'Financial support ready and waiting'

Friedman revealed that American financial institutions, including EXIM Bank and the U.S. International Development Finance Corporation (DFC), have committed to being part of the global nuclear movement.

These institutions have provided letters of intent totaling over $17 billion for nuclear projects in Romania and Poland.

"I know they are exploring opportunities in Türkiye as well. They have programs that will support progress, especially in the small modular reactor area. We are waiting for projects to come so we can match them with financing. They are ready, just waiting for good projects to come," Friedman said.

The nuclear power plant in Grafenrheinfeld, Germany, on August 16, 2024. (AFP Photo)
The nuclear power plant in Grafenrheinfeld, Germany, on August 16, 2024. (AFP Photo)

US nuclear capacity expansion plans

Washington is significantly expanding its nuclear energy efforts under U.S. President Donald Trump's administration, aiming to increase nuclear capacity from 100 gigawatts to 400 gigawatts by 2050.

"This is quite an ambitious target, and that's why the US is in a leading position worldwide in this field," Friedman said.

The Three Mile Island nuclear plant is seen in March 2011 in Middletown, Pa. (AFP Photo)
The Three Mile Island nuclear plant is seen in March 2011 in Middletown, Pa. (AFP Photo)

World Bank policy shift welcome

Friedman expressed satisfaction with the World Bank's announcement to lift its ban on funding nuclear energy projects, calling it "an important step that the U.S. has wanted for a long time."

"The World Bank's move in this direction is a very strong signal. It's important not only for the financing the bank can provide but also for sending the message to private capital markets that "nuclear is a good investment, a safe investment," he evaluated.

When asked about the possibility of a nuclear energy agreement between the two countries in the near future, Friedman responded optimistically: "I hope there will be an agreement soon. I would like to be part of the team developing this agreement."

July 05, 2025 01:55 PM GMT+03:00
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