The Russian Sberbank will provide Akkuyu Nuclear (part of Rosatom) with loans for the construction of the Akkuyu nuclear power plant in Turkey.
The bank has opened two lines of credit ($ 500 million and $ 300 million) for a seven-year period, Sberbank said on November 17. The funds will be used to build the facility’s four VVER 1200 reactors.
Anton Dedusenko, Vice Chairman of the Board of Directors, General Manager Sustainable Development and Shareholder Relations of Akkuyu Nuclear JSC, stated: “This year the construction rate of the Akkuyu Nuclear Power Plant has reached a new level. Today all four units work in different stages. With the receipt of the approval for the construction of the fourth power plant in October, we have completed the approval process and are approaching the high point of construction. Russian banks support sustainable, low-carbon power generation projects and are eager to respond to our debt financing needs. We are pleased that among them Sberbank is our long-term and reliable partner. “
Anatoly Popov, Deputy Chairman of the Board of Sberbank, said: “In 2019, Sberbank became the first lender of the major Rosatom project to build a modern nuclear power plant in Turkey. This project is of strategic importance for the bank, so we look forward to continuing to fund it. New $ 800 million credit lines that we opened earlier this year will allow Sber to maintain a leading position among the lenders of Rosatom’s largest international project. “
Previously, in August 2019, Sberbank opened a line of credit for Akkuyu Nuclear JSC in the amount of 400 million US dollars for a period of seven years. The project will be implemented according to the Russian taxonomy for green projects.
In 2010, Turkey and Russia signed an intergovernmental agreement on cooperation in the construction and operation of the Akkuyu nuclear power plant in Mersin Province. Rosatom is building four VVER 1200 reactors at the site as part of a self-made model. Construction of the first block began in 2018 and commissioning is scheduled for 2023. After completion, the 4800 MWe plant will cover around 10% of the Turkish electricity demand.
Construction site of the Akkuyu nuclear power plant (Photo: Rosatom)