The nuclear plant will be built, owned and operated by a Russian subsidiary of Rosatom, a state-owned nuclear company. In December 2010, Rosatom created a project company named the Akkuyu Electricity Generation. Atomstroyexport, Rosenergoatom, Atomenergoremont and Atomtekhenergo, and InterRao Ees founded the new company. Foreign investors are allowed to invest up to 49% in the new company.
Financing is provided by Russian investors, with 93% from a Rosatom subsidiary. The total project cost is estimated at $ 20 billion.
In 2018, the 'first-concrete' ceremony marked the official start of the Akkuyu NPP active construction phase with a live video participation of the President of Turkey RecepErdoğan and the President of Russia Vladimir Putin.
The main volume of supplies of equipment and high-tech products in implementing the project falls on Russian enterprises. In the long run, Turkish specialists will be engaged in operating the n NPP at all stages of its life cycle.
According to the Intergovernmental Agreement, Turkish students are being trained in Russian universities under the nuclear power generation industry specialist curriculum. Turkish young specialists will join the operational staff of Akkuyu NPP after they have completed the training course at the educational and technical centers of Rosatom upon graduation.
In 2019, the foundation slab concrete pouring of the reactor building of Akkuyu NPP Unit 1 was completed. To date, the Akkuyu NPP construction project is in an active phase. Today more than 6,000 people work at the Akkuyu NPP construction site.
In 2020, active construction works are already under way on Unit 1 and Unit 2 according to the construction licenses granted by the Turkish Nuclear Regulatory Authority (NDK).
The first reactor of the plant is planned to be operational in 2023.