Rosatom Prepares to Sell Its Stake in the Akkuyu NPP Project

Russia’s state-owned Rosatom corporation is negotiating the sale of part of its stake in Turkey’s Akkuyu nuclear power plant project to external investors. According to information published by Izvestia, the move is aimed at easing the financing of the major energy facility. This was reported by Ixbt.com reports reports.

Under the Russian-Turkish intergovernmental agreement signed in 2010, the Russian side must retain at least a 51 percent stake throughout the plant’s life cycle. The remaining 49 percent may be sold to foreign or domestic investors. The Akkuyu NPP has a service life of 60 years, with the possibility of further extension.

Investors Interested in the Project

Rosatom has made several attempts to transfer these assets over the past few years. At the initial stage, Turkish businessman Ahmet Çalık was one of the leading contenders, but his holding company faced financial difficulties. Later, Turgay Ciner, head of Ciner Holding, planned to enter the project but was forced to leave the country due to a conflict with the authorities.

In addition, the Cengiz-Kolin-Kalyon consortium tried to acquire the 49 percent stake in 2017–2018, but that deal also failed to reach completion. Rosatom is currently considering selling the stake as a single package or dividing it among several companies. All actions will be carried out in strict coordination with the Turkish side.

The Plant’s Importance and Future Plans

Experts believe that selling the 49 percent stake would significantly reduce Russia’s financial burden. The Akkuyu NPP comprises four VVER-1200 power units of Russian design, each with a capacity of 1200 MW. Once all units are fully operational, the plant will generate approximately 35 billion kWh of electricity annually.

The new nuclear power plant will be able to cover more than 10 percent of Turkey’s total needs. This will significantly reduce the country’s dependence on gas, coal and oil imports. It was previously reported that electricity generation at the plant’s first power unit was planned to begin by the end of this year.