ANKARA, March 10 (Xinhua) -- Turkish President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin on Wednesday remotely inaugurated the construction of the third nuclear reactor of the Akkuyu power plant in the Mediterranean Mersin province of Turkey.

"We share the same strong will ... in terms of deepening our cooperation with new projects. The close dialogue we have established ... plays a key role not only in bilateral relations but also in maintaining regional peace and stability," Erdogan said at the ceremony via online video broadcast.

The facility will be equipped with the most advanced security systems, and will comply with International Atomic Energy Agency standards, said Erdogan.

The power plant will produce 35 billion kilowatt-hours of electricity annually, to meet around 10 percent of Turkey's power consumption. The plant's first reactor is expected to become operational in 2023, he noted.

For his part, Putin said the "flagship project" will significantly contribute to Turkey's energy security and further strengthen its economy.

Russia started building Turkey's first nuclear power plant in Mersin province in 2018 after the two countries signed a cooperation agreement in 2010.