Turkey Secures $9 Billion in Russian Financing for Akkuyu Nuclear Plant

Turkey has secured $9 billion in new financing from Russia for the Akkuyu Nuclear Power Plant, marking a significant boost to the country’s flagship nuclear energy project as Ankara targets full operation by 2026, according to Turkish Energy Minister Alparslan Bayraktar.

Speaking in a statement issued by the Ministry of Energy, Bayraktar said the funding was provided by Russia in support of the plant being built by Russia’s state-owned nuclear company Rosatom. He noted that the financing is expected to be utilized mainly during 2026 and 2027, with $4–5 billion likely allocated in 2026 as part of foreign funding arrangements.

The Akkuyu facility, located in Mersin province on Turkey’s Mediterranean coast, is the country’s first nuclear power plant. The project is being developed under a $20 billion agreement signed in 2010 between Ankara and Moscow. While the plant was originally scheduled to begin operations this year, construction delays have pushed back the timeline.

Beyond Akkuyu, Bayraktar said Turkey is holding talks with South Korea, China, Russia, and the United States on potential nuclear projects in the Sinop region and Thrace, stressing that Ankara is seeking the most competitive offers as it expands its nuclear ambitions.

The minister underlined Turkey’s broader objective of domestic nuclear power generation, adding that the government is currently working to define clear targets and capacity figures for the sector in the coming period.

Bayraktar also revealed parallel efforts to expand renewable energy capacity. Turkey is in discussions with Saudi Arabia’s ACWA Power over a 5,000-megawatt solar energy package, with an agreement expected to be finalized in the first quarter of 2026. The first phase would deliver 2,000 megawatts, split evenly between projects in Sivas and the Taşeli region.

In addition, Turkey is negotiating another solar and energy storage project with a Gulf-based company, with estimated investment costs ranging between $1.5 billion and $2 billion, though further details were not disclosed.

Together, the initiatives reflect Ankara’s push to diversify its energy mix, strengthen energy security, and reduce reliance on imports by combining nuclear power with large-scale renewable investments.