Turkey is in receipt of US$1.39 billion dollars from Russia for the construction of Turkey's first nuclear power plant in Akkuyu in the first quarter of 2014 Anadoly Agency reported.
Akkuyu NGS, Russia's state run nuclear company Rosatom's subsidiary in Turkey, started increasing its investments. According to company officials, once the environmental evaluation report (CED) is approved, ground preparations and infrastructural investments will speed up in the construction of Turkey's first nuclear plant.
The Akkuyu NPP project is estimated to cost around US$20 billion and total of US$3.5 billion worth of equipment is expected to be used in the construction process, of which US$1.8 billion will be spent this year alone.
Funds received from Russia is expected to be used particularly in building the infrastructure for the plant, in constructing roads, power lines, water pipelines, temporary housing and cranes.
If the project license is approved, the reactor construction is estimated to begin in 2016, and to be operational by 2020 with the entire plant being fully operational by 2023.
The Russian energy company Rosatom signed an agreement in 2011 to build and operate a four reactor nuclear power plant in Mersin province on Turkey's Mediterranean coast, with the aim of having the plant fully-operational by the Turkish republic's 100-year anniversary in 2023.