Turkey and South Korea Sign Dual MOUs on Nuclear Financing and Energy Cooperation
Two Agreements Signed During Presidential Visit
Turkey and South Korea concluded two memoranda of understanding during a state visit by Turkish President Recep Tayyip Erdoğan to Seoul. The first, signed by the two countries' energy ministers, covers cooperation across clean energy policy, carbon emissions reduction, nuclear energy and nuclear power plant construction, renewable energy, hydrogen, energy efficiency, smart grids, and new energy technologies. It also establishes a bilateral energy transition forum that will convene annually to address nuclear power plant investments, technology integration, financing models, and joint venture opportunities.
The second MOU, focused specifically on nuclear project financing, was signed by Türkiye Nuclear Energy Company (TÜNAŞ) and the Export-Import Bank of Korea (KEXIM). According to Turkey's Energy Ministry, the agreement establishes a framework for cooperation on potential financing solutions for all nuclear power plant projects to be undertaken through TÜNAŞ. Under the arrangement, KEXIM and TÜNAŞ will collaborate on financial modelling and analysis as well as financing structures, and a dedicated working group will be set up to exchange information regularly and identify future cooperation opportunities.
Sinop Project Advancing
South Korean President Lee Jae-Myung's office confirmed that cooperation on the construction of the Sinop nuclear power plant in Turkey, including site evaluation and the operation of a joint working group, is progressing smoothly under a nuclear cooperation MOU signed the previous year. Seoul described the new financing MOU as laying the foundation to support South Korean companies' participation in new nuclear power projects in Turkey.
In January 2023, KEPCO submitted a preliminary proposal to Turkey for the construction of four APR-1400 reactors at an undisclosed site in the northern part of the country, providing an existing commercial basis for the deepening bilateral engagement.
Broader Turkish Nuclear Pipeline
Turkey's first nuclear power plant, the 4,800 MWe Akkuyu facility in Mersin province, is under construction by Russia's Rosatom, which is building four VVER-1200 reactors under a build-own-operate model. Construction of the four units began between 2018 and 2023, with all units targeted to be operational by the end of 2028. The plant is expected to supply approximately 10% of Turkey's electricity needs once complete.
Beyond Sinop, Turkey has also been in discussions with China regarding a planned third nuclear plant in the Thrace region. In addition, Turkey is developing plans for small modular reactors, targeting 5 GWe of SMR capacity by 2050, which would require at least 16 individual units.