Russia transfers $20 billion to Turkiye for nuclear power plant – Middle East Monitor

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Russia is transferring $20 billion to Turkiye to build a major nuclear power plant as the two countries continue to expand energy cooperation and encourage Turkiye’s growing energy needs.

according to a Bloomberg In a report on Friday, senior Turkish officials with knowledge of the matter said that Russian state-owned Rosatom last week sent around $5 billion to Turkey’s Akkuyu Nuclear JSC, which is building the plant in the city of Mersin in southern Turkey.

An additional US$15 billion will be transferred in the coming weeks, solidifying the partnership between the companies and subsidiaries that began with a cooperation agreement signed in 2010. The project is also funded by Sberbank and Sovcombank, the former of which is Russia’s largest lender. According to Turkish officials, funding for the project is expected to cover all of the plant’s procurement needs over the next two years.

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Under the long-term contract, Rosatom will handle the design, construction, maintenance, operation and decommissioning of the Akkuyu power plant, with the first unit expected to be operational by mid-2023. The other three blocks and reactors are then to go into operation one after the other every year until 2026 and then have a total installed capacity of 4,800 megawatts (MW).

According to Turkey‘s Minister of Energy and Natural Resources, Fatih Dönmez, the power plant is expected to produce 35 billion kilowatt hours (kWh) of electricity annually, which would cover about 10 percent of Turkey’s domestic electricity needs.

The Russian transfer of funds and the planned Akkuyu power plant comes just over a week after Egypt announced the first phase of its own El-Dabaa nuclear power plant, which is also backed by Russia and its company Rosatom.

The development of nuclear power plants in Ankara and Cairo represents a new impetus for more diverse and reliable energy sources, especially at a time when much of the world will increasingly face severe energy shortages as part of the transition to “greener” forms of energy away from fossil fuels.

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