On May 12, 2010, the Government of the Russian Federation and the Government of the Republic of Turkey signed an agreement on cooperation in construction and operation of a nuclear power plant at Akkuyu site in the Republic of Turkey. Pursuant to the agreement, Rosatom State Corporation is constructing a nuclear power plant (NPP) with four VVER-1200 units (total capacity: 4,800 MW) under the Build – Own – Operate (BOO) model. In December 2010, JSC AKKUYU NUCLEAR was established in Turkey to implement the project. Rosatom owns 99.2% shares in the project. The overall project cost is estimated at $20 billion.