The Japanese Nikkei daily reported that the nuclear power plant that will be built in Sinop, a city on the Black Sea coast, is estimated to cost $16.3 billion, adding that two or three Turkish companies will be involved in the construction as well as Japanese and French firms.

It was previously estimated that the power plant, which is poised to become the second of its kind in Turkey, would cost $22 billion. The consortium that will undertake the construction consists of the Japanese firms Taisei and Obayashi, French construction company Bouygues and two or three companies from Turkey. The Electricity Production Company of Turkey will be a shareholder on behalf of the public.

The news report published on Saturday said that some 20 percent to 25 percent of the total cost of 2 trillion yen ($16.3 billion) will be dedicated to the construction of the power plant. According to the report, Mitsubishi Heavy Industries will be a shareholder in the project management company that is expected to be established shortly. The plant is planned to have an installed capacity of 4,480 megawatts. Turkey's first nuclear power plant is to be built by Russia in Akkuyu, Mersin with an investment of $20 billion.