Russia's state-owned nuclear power company has announced that the construction of Akkuyu Nuclear Power Plan (NPP) might begin in early March 2018, at the end of the first quarter.

The company will also finalize the sale of its 49 percent stake in the plant to a consortium composed of the Turkish companies Cengiz-Kalyon-Kolin by the end of the year, said Rosatom Deputy Director General for Corporate Development and International Business Kirill Komarov.

He also confirmed that the nuclear operational license will be granted in early 2018.

Rosatom will operate the plant, which will be fully operational by 2023 and constructed with a build-operate-transfer (BOT) model, for 15 years and pay $12.35 per kilowatt hour (kWh). After Rosatom extracts its own revenues, 20 percent of the income will be paid to Turkey.