In addition, government calculations expect the power plant to cover 10 percent of the country's electricity needs when it reaches peak performance.
"We are witnessing a historic moment in terms of the development of our country and the cooperation with Russian Federation on energy", Erdogan said, adding that Turkey is determined to boost cooperation with Russian Federation on regional issues.
The nuclear plant which will be built on the Mediterranean coast is expected to cost approximately $20 billion.More news: Railway Strikes Aim to Bring Macron's Reforms to a Halt
"The Akkuyu plant will be the 56th nuclear plant constructed in the world", Erdogan said via a video teleconference held at the presidential complex in Ankara.
"This scale of the project is hard to exaggerate", Putin said at the ceremony.
Speaking at a joint press conference with his Turkish counterpart Recep Tayyip Erdogan in Ankara, Putin said relations between the two countries are developing "step by step".
Russia's power plant builder Rosatom and a number of Turkish companies are going to build a 4,800 megawatt plant in southern Turkey under a 2010 contract in a bid to reduce Turkey's dependence on energy exports.More news: 'We'll demand Ferguson fight as long as he's alive' - Khabib Nurmagomedov's coach
Putin and Erdogan - who have both led their post-imperial states out of economic crisis but also into a new era of confrontation with the West - have forged an increasingly close alliance in recent months.
"This is completely a new step, a new step towards the development of Turkey's economy", the Russian president said.
With Assad-backer Iran they launch in early 2017 peace talks in Astana, Kazakhstan, becoming the powerbrokers in Syria and sidelining the United States. All three countries are heavily involved in the war-torn Arab state and now sponsoring peace efforts to bring the conflict to an end.
The two countries are also building the TurkStream pipeline, estimated to be worth more than $12 billion, to transport Russian gas to Turkey.
"They went insane because we made the S-400 missile agreement with Russian Federation".More news: Buhari's visit: Lagos PDP demands explanation on 'unsolicited' holiday
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