Turkish conglomerate IC Holding plans to develop up to 20 small modular nuclear reactors (SMRs) in Türkiye and neighboring countries under a strategic partnership with U.S.-based ARC Clean Technology, a senior executive said on Wednesday.
The company, one of the main contractors on Türkiye's first nuclear power plant project, Akkuyu, signed an agreement with ARC in April to deploy the company's sodium-cooled advanced SMR technology.
Under the plan, IC Holding aims to build 10 reactors with a combined installed capacity of 1,000 megawatts (MW) in Türkiye, while developing another 10 reactors in neighboring countries, Murad Bayar, chair of IC Nuclear Technology, said.
Türkiye seeks to expand nuclear generation alongside renewable energy as it pursues its net-zero emissions goals.
In addition to the four-reactor Akkuyu plant, the government plans to build large-scale nuclear power stations in Sinop on the Black Sea coast and in the Thrace region.
It targets 15 gigawatts (GW) of conventional nuclear capacity, while also aiming to install 5 GW of SMR capacity by 2050. Akkuyu will have a combined installed capacity of 4,800 MW.
Although mass-producible SMR-type power plants, which are smaller and less expensive than conventional nuclear power plants that generate thousands of MW of electricity, are viewed as one of the technologies of the future, there are very few operational examples of them worldwide.
Technology platform
IC's Bayar said the company intends not only to construct SMRs but also to establish a long-term technology platform covering reactor development, licensing, localization, supply chain creation and commercial deployment.
"We want to build not only an SMR project in Türkiye, but also a long-term technology platform for developing, licensing, localizing and commercializing SMR technology," he told Reuters.
He said IC and ARC are negotiating a licensing agreement focused on commercializing the technology across Türkiye, Eastern Europe, the Middle East and Central Asia, while ARC will concentrate on North American and European markets.
First projects, investment plans
Bayar said he expects the first ARC-based commercial SMR to enter operation in the United States or Canada within four to eight years, with Türkiye's first project expected to follow.
IC aims to obtain regulatory approval from Türkiye's Nuclear Regulatory Authority within four years.
Each ARC reactor is designed to generate 100 MW of electricity. Bayar estimated the first plant would require investment of around $500 million, equivalent to $5 million per MW. As the technology matures and production scales up, costs are expected to decline to around $300 million per plant, or $3 million per MW.
While upfront capital costs remain relatively high compared with conventional power plants, Bayar said SMRs are expected to benefit from lower operating costs once commissioned. IC plans to market electricity through bilateral power purchase agreements.
The company expects to serve as the investor, engineering contractor and operator of the first ARC-based SMR in Türkiye.
For future projects, it may participate in one or more of those roles, while also exploring opportunities within the SMR supply chain. However, Bayar said the company does not currently intend to enter the nuclear fuel business.