Hunton Andrews Kurth LLP partner Seyfi Can Kandemir recently discussed the financing, legal and regulatory considerations shaping the next phase of Türkiye’s nuclear energy programme ahead of the Turkey Nuclear Business Platform (TNBP 2026) in Ankara.
Can said Türkiye’s experience with the Akkuyu nuclear power plant provides an important foundation as the country looks towards further large-scale projects at Sinop and Thrace, as well as the potential deployment of small modular reactors (SMRs). “Türkiye has built genuine national expertise in nuclear regulation, project development and industry oversight through Akkuyu,” Can said. “The opportunity now is to build on that experience and develop a model capable of supporting a broader and sustainable nuclear programme.”
Central to that next phase will be ensuring that financing considerations are integrated into projects from the outset. Nuclear projects are highly capital intensive, with long construction periods and significant exposure to delay and cost overrun risk, making the allocation of risk and the availability of competitive long-term capital particularly important. “Financing is not something that gets bolted on at the end,” Can said. “It is closely tied to the negotiation of the core project documents and the overall procurement strategy. Financial modelling, risk allocation and lender requirements need to be built in from day one.”
Can also highlighted the importance of appropriate government support and early engagement with lenders, as well as the changing international financing landscape. A growing number of multilateral development banks and international financial institutions are opening the door to nuclear investment, while export credit agencies continue to play an important role in supporting projects. “That has the potential to broaden the pool of available funding, which has historically been a significant constraint on nuclear development,” Can said. “A credible financing plan is likely to require a combination of equity and long-term debt, bringing together export credit agencies, multilaterals, international financial institutions and commercial lenders, alongside local financing.”
Türkiye is targeting 15 GW of conventional nuclear capacity by 2050, together with a further 5 GW from SMRs. Can noted that while SMRs present different financing and regulatory challenges, their shorter construction periods, lower upfront capital requirements and potential for phased deployment could create significant opportunities as the technology matures.
Underlying both conventional nuclear and SMR development, he said, will be the strength of the legal and regulatory framework. “Lenders look well beyond the financing package itself. They want confidence in the regulatory environment, the institutional framework and the enforceability of their protections. The legal and strategic foundation matters just as much as the technology itself.”
Hunton Andrews Kurth advises governments, utilities, developers, lenders and other stakeholders on nuclear projects and programmes around the world, including large-scale nuclear new build and emerging SMR projects.
Watch the full interview.
