Turkey and South Korea signed three memorandums of understanding in Seoul on 5 November 2026 during Turkish President Recep Tayyip Erdogan’s visit, covering nuclear energy, clean technologies and industrial cooperation. The agreements establish a framework for possible South Korean involvement in future Turkish nuclear projects, but make no financing commitment for a specific investment.
Under one memorandum, Turkish Nuclear Energy (TUNAS) and the Export-Import Bank of Korea (KEXIM) will examine financial structures for potential nuclear projects in Turkey. A joint working group is expected to review technical information, possible funding mechanisms and the economics of potential projects.
Nuclear project financing remains subject to negotiations
The framework is not a binding project loan or equity commitment. Any future financing would depend on further technical assessment and commercial negotiations, while the parties would first need to agree on each project’s scope, risk allocation and implementation.
Cooperation also covers clean technologies and industry
After talks between the countries’ leaders, Turkey’s energy and natural resources minister Alparslan Bayraktar and South Korea’s climate, energy and environment minister Kim Sungwhan signed the broader energy cooperation agreement. Its scope goes beyond power generation to include renewable energy, hydrogen, energy efficiency and smart-grid technologies.
Bayraktar also met representatives of South Korean electricity utility KEPCO and permanent-magnet producer JS Link. Their discussions covered energy and related industrial technologies, rather than a transaction involving a single power plant.
For Turkey, international technology and financing partners could support a more diversified power mix and domestic industrial capacity. South Korean companies can assess potential involvement in large energy and manufacturing projects, although investment decisions remain at an early stage.
