15 August 2011
Turkey's Energy Market Regulatory Authority (EPDK) has completed necessary arrangements for establishment of a nuclear power plant.
EPDK, at its meeting this week, set rules for the letter of bank guarantee to be given by the Russian company which will build the power plant in southern Turkey.
Accordingly, a company will be established with a minimum capital of 1.44 billion Turkish lira for the 4,800 megawatt-nuclear power plant in Akyazi which is expected to cost about $20 billion.
The company will give a letter of bank guarantee of 157.2 million TL while applying EPDK for licence in the coming months.
In May 2010, Turkey and Russia signed a deal for construction of Turkey's first nuclear power plant in Akkuyu, a small town on the Mediterranean coast. Russian state-owned atomic power company ROSATOM is likely to start building the Akkuyu nuclear power plant in 2013 and the first reactor is planned to generate electricity in 2018.