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Russia provides $9bn for Turkey’s Akkuyu nuclear power plant

Ankara confirmed new Russian funding for the Akkuyu project, Turkey’s first nuclear site, strengthening its energy ties with Moscow and advancing its domestic nuclear ambitions.

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Turkish Minister of Energy and Natural Resources Alparslan Bayraktar stated that Russia has granted an additional $9bn in financing for the Akkuyu nuclear power plant, under construction in the Mediterranean province of Mersin. The announcement was made during a press briefing in Istanbul, according to a readout from the ministry. The site is being developed by Russian state-owned company Rosatom under a bilateral agreement signed in 2010, valued at $20bn.

Funding spread over two years

According to Bayraktar, the Russian funds will be used primarily between 2026 and 2027, with at least $4bn to $5bn expected in foreign financing for 2026. The project, originally scheduled to become operational this year, has experienced multiple delays. The Akkuyu nuclear power plant represents a central element in Turkey’s energy strategy to diversify supply sources and strengthen energy independence.

Active talks for new nuclear sites

In parallel, Ankara is in talks with South Korea, China, Russia, and the United States for future nuclear power projects in Sinop province and the Thrace region. The minister indicated that Turkey is seeking the most competitive offers for these initiatives. The country aims to expand domestic nuclear generation capacity with clearly defined targets for its energy mix.

Regional cooperation in solar projects

In addition to nuclear developments, Bayraktar referred to ongoing negotiations with Saudi Arabia’s ACWA Power for a solar energy programme with a total capacity of 5,000 megawatts. An agreement is expected by the first quarter of 2026 for an initial 2,000 megawatts phase, divided between the provinces of Sivas and Taşeli.

Growing investment in energy storage

The minister also mentioned discussions with a Gulf-based company for a combined solar and energy storage project, with estimated investment costs between $1.5bn and $2bn. No further details were provided regarding the timeline or structure of the initiative.

“It is about strengthening our nuclear presence while continuing renewable energy projects with reliable partners,” Bayraktar told local reporters.

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