Putin has no money. Russia is looking for investors for the most ambitious nuclear project in Turkey. “Rosatom” wants to give up 49% of Akkuyu
Against the background of international tensions and increasing financial pressures, Russia is looking for partners for an energy project of historical proportions: the Akkuyu nuclear power plant in southern Turkey. The estimated value of the investment exceeds $ 25 billion, and Moscow is ready to give up almost half of the participation.
Akkuyu is the first civilian nuclear project in Turkish/photo history: IXBT
The information was confirmed by the Bloomberg agency, which cites official statements made at an international fair in Istanbul. According to Anton Dedusenko, the chairman of the Nuclear – Subsidial Board of Directors of Rosatom -, Russia has advanced discussions with Turkish and international investors for selling a 49% package.
“The closer we approach the launch of the first reactor, the more the interest of the investors grows.”Dedusenko said.
Akkuyu is the first civil nuclear project in Turkey's history. The four reactors will have a combined capacity of 4.8 GW, and the first energy deliveries on the national network are scheduled for 2026. It is undoubtedly a project with a huge geopolitical and economic stake, symbolically placed on the Mediterranean, not far from the NATO borders.
It is not Russia's first attempt to attract foreign capital in this project. In 2018, a similar attempt failed due to the divergences on commercial conditions. Now, however, the context is different: the Western sanctions imposed on Moscow after the invasion of Ukraine have severely limited Russia's ability to support such mega-projects alone.
In addition, Turkey is not just an economic partner: it is a key piece in the security architecture of the Black Sea region and a NATO ally with an often ambiguous foreign policy. The Nuclear project from Akkuyu thus becomes a symbol of risky interdependence between Ankara and Moscow.
The problems are not just political. The financing of the construction is difficult by the risks associated with American sanctions. For this reason, Russia and Turkey take into account alternative payment mechanisms, including transactions in rubles and Turkish pounds.
“There are several ways in which the money can be transferred. We can use Russian or Turkish pounds”, Dedusenko said.
Akkuyu is not just a boiler – it's a test. For Russia, it is a challenge regarding the ability to maintain international projects in an increasingly isolated economic climate. For Turkey, it is a strategic dilemma: how far can Cooperation with Moscow go without paying a political price in relation to the West?
The answers will most likely come with the first reactor to the network. And then, nuclear energy will illuminate not only the cities of Turkey, but also the complexity of the geopolitical relations in Eurasia.
