Canada Turkiye nuclear co-operation could be entering a new phase. Prime Minister Mark Carney said on Friday, October 23, that a Canadian bid to supply nuclear technology to Turkiye has good chances of success, signalling growing confidence in Ottawa’s push to sell made-in-Canada reactors abroad. The bid comes from Montreal-based engineering firm AtkinsRéalis, which is offering its Candu reactor technology for two power plants that Turkiye plans to build.
Carney made the remarks in Istanbul, where he was meeting Turkish business leaders during his first bilateral visit to the country. He acknowledged that he probably would not have expressed the same optimism a year ago.
Carney’s Pitch in Istanbul
The prime minister argued that there is a compelling case for Canadian nuclear technology, and pointed to possible partnerships between AtkinsRéalis and Turkish construction companies as a key strength of the bid. He stressed that contract decisions are ultimately made between businesses, describing his own role as explaining how the Canadian market has become more welcoming to foreign companies and investors.
The comments followed an announcement on October 22 of a new strategic partnership between Canada and Turkiye. The agreement is designed to deepen co-operation across several areas, with energy identified as one of its main pillars. Related coverage indicates the partnership is also aimed at working toward a free trade agreement, while the visit’s broader agenda includes energy, mining and defence. Further details are available in coverage of Carney’s comments in Istanbul from The Canadian Press, published by BNN Bloomberg.
The value of the tender, the timeline for a decision and the identity of competing bidders were not disclosed in the report.
What Makes the Candu Reactor Different
The Candu, short for Canada Deuterium Uranium, is a pressurized heavy-water reactor design developed in Canada. One of its distinguishing features is its ability to run on natural, unenriched uranium, using heavy water as a moderator. That can reduce a buyer’s reliance on foreign uranium enrichment services, an attribute that has gained appeal as countries look to diversify energy supply chains.
Candu reactors can also be refuelled while operating, which supports high availability. The technology has been deployed in several countries beyond Canada, including Romania, Argentina, South Korea and China, giving AtkinsRéalis an established international track record to point to when competing for contracts.
AtkinsRéalis, formerly known as SNC-Lavalin, owns the Candu technology through its nuclear business. The company has positioned nuclear as a major growth engine, supported by refurbishment work on existing Canadian reactors and growing interest in new builds worldwide.
Why the Canada Turkiye Nuclear Deal Matters for Investors
A successful bid would be a significant win for AtkinsRéalis, which trades on the Toronto Stock Exchange. Large international reactor projects can generate long-term engineering, procurement and service revenue, often stretching over many years. For shareholders, a contract of this nature could strengthen the company’s backlog and reinforce its strategy of building a global nuclear franchise.
The potential benefits extend beyond a single company. Canada’s nuclear supply chain includes component makers, engineering firms and service providers, many based in Ontario, that could see new export opportunities. Canada is also one of the world’s largest uranium producers, with major operations in Saskatchewan. Because Candu reactors run on natural uranium, new export deals could indirectly support long-term demand for Canadian supply, though investors should note that fuel contracts depend on separate commercial arrangements.
Still, caution is warranted. Nuclear tenders are often lengthy, competitive and subject to political and financing considerations. Carney’s optimism is encouraging, but no contract has been awarded, and investors should avoid pricing in a win before terms are confirmed.
Canada’s Wider Trade Diversification Strategy
The Turkiye visit fits into Ottawa’s broader effort to diversify trade beyond the United States, Canada’s largest trading partner. With cross-border trade relations strained in recent years, the federal government has sought to deepen ties with partners in Europe, Asia and the Middle East. Turkiye, which straddles Europe and Asia and has a large, growing economy, offers potential markets for Canadian energy technology, mining expertise and defence products.
Turkiye has been expanding its nuclear ambitions to meet rising electricity demand and reduce dependence on imported fossil fuels. Securing a role in that build-out would give Canada a foothold in a strategically important market. Commentator Tom Mulcair described the visit as extraordinarily important, reflecting the significance some observers attach to the outreach.
For Canada, a Canada Turkiye nuclear agreement would also carry symbolic weight. Exporting a full reactor design is a rare achievement that only a handful of countries can claim, and a new international Candu build would help demonstrate that the technology remains commercially competitive against designs offered by larger nuclear powers. That credibility could, in turn, support future bids elsewhere and help sustain the specialized workforce that Canada’s nuclear industry depends on, from engineers and welders to fuel fabrication specialists.
Risks and Open Questions
The trip has not been without controversy. Some critics have questioned the wisdom of closer ties with Turkiye given concerns about its treatment of LGBTQ2S+ communities. Carney has also faced questions related to U.S. claims of Canadian interference ahead of the American midterm elections, which he dismissed as having no merit.
For investors, the main uncertainties are commercial: the size of any contract, how project financing would be arranged, and the extent of Canadian content in the eventual build. Large nuclear projects worldwide have frequently faced cost overruns and delays, which can affect contractor profitability.
Investors following the story should watch for several milestones: formal confirmation of the tender process and timeline from Turkish authorities, any announcements of Turkish construction partners joining the AtkinsRéalis bid, and progress on the broader trade talks launched under the strategic partnership. Each would offer a clearer sense of whether Carney’s optimism is translating into concrete commercial results.
Conclusion
Carney’s comments suggest Canada Turkiye nuclear co-operation could become a centrepiece of the new strategic partnership between the two countries. A win for AtkinsRéalis would boost Canada’s nuclear industry, support export diversification and potentially benefit the broader supply chain. Until a contract is signed, however, investors should treat the prime minister’s optimism as a promising signal rather than a done deal.
