Otkritie Bank has opened a non-revolving credit line of $500 million to Akkuyu Nuklear, a Rosatom subsidiary, to finance the construction of the Akkuyu Nuclear Power Plant in Turkey, the bank's press service said in a statement.
"JSC Akkuyu Nuklear, a subsidiary of Rosatom State Corporation, and Otkritie Bank have signed an agreement on a seven-year non-revolving credit line with a limit of $500 million. The agreement was signed between JSC Akkuyu Nuklear and Otkritie Bank. The funds are attracted for financing the project on construction of Akkuyu Nuclear Power Plant (Turkey) on special terms providing for the performance of obligations (covenants) by the project company in the field of sustainable development", the statement says.
Under the special conditions, Rosatom's subsidiary undertook obligations to monitor the environment and conduct ecological monitoring with the presentation of the relevant annual report in accordance with the legislation of the Republic of Turkey. Compliance with covenants implies a reduced rate on the loan for the borrower, the bank specified.
About Akkuyu Nuclear Power Plant
March 10 Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan participated via videoconference in the ceremony of the beginning of construction of the third unit of the Akkuyu NPP. The Turkish president noted that the construction of the fourth unit would begin in 2022. The Akkuyu NPP will consist of four power units of 1200 MW each. The plant will generate 35 billion kWh per year. The first unit is planned to be commissioned by the 100th anniversary of the Republic of Turkey in 2023. Construction of the first power unit began in 2018, the second in 2020. Rosatom has already submitted the documents to the Turkish regulatory authorities for the license to build the fourth unit. According to Kirill Komarov, First Deputy Head of Rosatom, the license to build the fourth unit can be obtained by the fall of 2021.
GSV "Russia - Islamic World"
Based on materials from TASS