International Contracts

Russia’s state atomic energy corporation, Rosatom, has sold 49 percent of its shares in the Akkuyu Nuclear Power Plant project to a Turkish consortium.

Under the agreement signed on the sidelines of the IX International Forum ATOMEXPO 2017 in Moscow, members of the Cengiz-Kolin-Kalyon (CKK) consortium will each hold an equal share of 16.3 percent.

“We said that we may sign an agreement on the sidelines of today’s forum. These are not potential [investors] anymore, these are real, these are the three largest construction holdings in Turkey; Cengiz Holding, Kolin and Kalyon. A consortium of these three companies will buy 49 percent of our Akkuyu company. It will happen tonight,” head of debt financing and investments department at Rusatom Energy International Anastasiya Polovinkina was quoted as saying by Russian information agency Rambler News Service (RNS).

Polovinkina added that the remaining 51 percent of the shares would be held by Russian companies.

She also said that the construction of Akkuyu will be funded with investments from export credit agencies, as well as through commercial loans from banks. Commercial bank loans would be mostly spent on construction and installation works.



According to Russian President Vladimir Putin, Russia would invest a total of $22 billion in the Akkuyu project.

The first deputy head of Rosatom Kirill Komarov said that the state-run company planned to launch the first unit of the Akkuyu nuclear power plant in 2023.

“If everything goes well, we are going to launch the first bloc in 2023, on the 100th anniversary of the Republic of Turkey,” Komarov said.

15,000 intermediate staff members who will work in the nuclear facilities will be trained at a school that will open in the 1st Organized Industrial Zone (OSB) in Ankara. Staff training will be completed by 2023, when the first phase of the Akkuyu nuclear power plant will be put into use.

The Turkish Energy Market Regulatory Authority (EMRA) has announced Thursday that it granted power generation license to Rosatom’s Akkuyu Nuclear Company for a 49-year period Thursday for its Akkuyu project in southern Turkey’s Mersin.

The Akkuyu Nuclear Power Plant, worth $20 billion and featuring four reactors, will have an installed capacity of 4,800 megawatts (MWs) and a working lifetime of 8,000 hours per year. Once operational, the plant is estimated to meet between 6-7 percent of Turkey’s electricity demand.

The first agreement on the Akkuyu Nuclear Power Plant was signed with Russia back in 2010. Russia’s state atomic energy corporation Rosatom is constructing the Akkuyu Nuclear Power Plant. It will produce approximately 35 billion kilowatt-hours (KWHs) of electricity every year, once completed. The power plant will have a service life of 60 years.

The project has repeatedly run into delays; including being briefly halted after Turkey downed a Russian jet near the Syrian border in November 2015. Ties between the two countries have since normalized and work on the plant has resumed.

Turkey’s second nuclear power plant will be built by a French-Japanese consortium in Sinop, a province near the coast of the Black Sea.

 

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