The Russian energy company Rosatom announced the sale of 49 percent of Akkuyu power plant’s shares, the first power plant in Turkey, to a consortium of Turkish companies under the agreement between Turkey and Russia. The consortium includes Cengiz Holding, Kalyon Construction and Kolin Construction companies.
Within the context of the IX. International Nuclear Energy Forum ATOMEXPO in Moscow, the Turkish consortium signed a contract with Akkuyu Nuclear JSC, which will build and operate the plant, to determine the conditions for participation among the shareholders of the company. According to the statement, the partnership transaction is scheduled to be completed by the end of 2017. The companies in the consortium are the largest energy sales and distribution companies in the Turkish energy market, covering about 30% of the total electricity sales market demand. They are planning to take an active role in the construction of the power plant, management of Akkuyu Nuclear JSC and in the process of credit agreements required for the project.
According to the agreement, the price is not disclosed to the public, and an institutional capital will be set up for the implementation of the project and loan financing.
This contract will also be the first example in the world of a nuclear energy project to be built with the Build-Operate-Transfer (BOT) model with a participation of foreign capital. It is also the largest nuclear energy investment that Russia has built abroad in the past 17 years.
The construction that Rosatom began in April 2015, is expected to be completed in 2023, with a total cost of $ 20 billion.
