Business · Companies · 1 hr ago
Korea Eximbank and Türkiye Sign Financing Pact for Sinop Nuclear Bid
South Korea’s export bank and Türkiye’s state nuclear company agreed to work together on financing for a proposed nuclear power project.
The pact concerns the planned construction of four reactors at Sinop, in northern Türkiye.
South Korea’s team for the bid includes the government, Korea Electric Power Corporation and construction companies.
Korea Electric Power Corporation is conducting a preliminary feasibility study, and the project has not yet been awarded.
The agreement calls for the two sides to assess financial models, funding structures and possible support.
They also plan to exchange information and set up a working group to explore financing options.
The work is intended to strengthen South Korea’s bid, as nuclear projects require large amounts of long-term funding.
Korea Eximbank and Türkiye’s state nuclear company signed a memorandum of understanding on financing cooperation for new nuclear power projects.
The agreement is intended to support Team Korea’s bid to build four Korean-designed reactors in Sinop, Türkiye.
The parties will analyse financing models, consider funding structures and exchange information on the feasibility of financial support.
They also plan to set up a working group to identify financing opportunities and review tailored support for the project.
The signing took place at the Blue House in the presence of South Korean President Lee Jae-myung and Turkish President Recep Tayyip Erdoğan.
- Who
- Korea Eximbank and the Turkish Atomic Energy Corporation signed the agreement.
- What
- They agreed to cooperate on financing for new nuclear projects, including the proposed Sinop plant.
- When
- The agreement was signed on November 3; Korea Eximbank announced it on November 4.
- Where
- The signing took place at the Blue House in South Korea.
- Why
- To strengthen Team Korea’s competitiveness in its bid for the Sinop nuclear project and develop suitable financing arrangements.
This story does not have two clearly opposing sides.
A South Korea-Türkiye summit led to a Korea Electric Power Corporation-Turkish Atomic Energy Corporation nuclear cooperation memorandum.
Korea Eximbank and the Turkish Atomic Energy Corporation signed a financing cooperation memorandum at the Blue House.
Korea Eximbank announced the agreement and its planned financing cooperation.
Korea Electric Power Corporation is conducting a preliminary feasibility study for the Sinop nuclear project.
- Project
- Four Korean-designed reactors planned for Sinop, Türkiye
- Signatories
- Korea Eximbank and the Turkish Atomic Energy Corporation
- Signing date
- November 3, 2026
- Turkish nuclear capacity target
- 7.2 GW by 2035 and 20 GW by 2050
- Working arrangement
- A nuclear financing working group is planned
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What people are saying
This MOU is an important milestone in turning the nuclear cooperation commitment between the leaders of both countries into practical financial cooperation
For overseas large-scale nuclear projects, competitiveness in securing large-scale long-term financing is as important as technological capability
We will actively support Team Korea's bid for the Turkish nuclear project by preparing an optimal financial solution