Russia’s Sovcombank grants loan for Turkey’s nuclear project

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Russia’s Sovcombank announced on December 18 that it would grant Rosatom subsidiary Akkuyu Nuclear a loan of up to $ 300 million over seven years to finance the Akkuyu nuclear power plant construction project. in Turkey.

“The construction of modern nuclear power plants will help reduce greenhouse gas emissions,” said Sovcombank Chairman of the Board of Directors Dmitry Gusev.

Sovcombank was the first Russian bank to join a group of 130 international banks that signed the United Nations Principles for Responsible Banking (UNEP FI) at the United Nations General Assembly in New York in 2019. Sovcombank s ‘is committed to developing a strategy in line with the international climate. goals. The granting of a loan for the construction of the Akkuyu nuclear power plant in Turkey is fully in line with these objectives, ”he added.

Ilya Rebrov, deputy general manager of economics and finance at Rosatom, said it was impossible to achieve climate goals without nuclear power. “We value long-term partnerships and are delighted to expand our strategic cooperation with Sovcombank.”

Construction of the Akkuyu nuclear power plant in Turkey is progressing well, Rebrov said, adding that the Sovcombank loan is “important to ensure the timely financing of the project.”

“Today, Rosatom is implementing a variety of projects which require the involvement of reliable financial partners interested in supporting the sustainable development agenda. I am sure Sovcombank will help us solve these problems.”

Rosatom said the same day that she would be guided by the economic opportunity when selling a stake in the Akkuyu project.

Rosatom currently owns 100% of Akkuyu Nuclear shares but aims to sell up to 49% to other investors. Anton Dedusenko, Deputy Managing Director of Rusatom Energo International, said: “We do not set deadlines, the project is secured by funding, and we are ready to devote the necessary time to the search for partners and the negotiation process, as required.

He added: “We will make decisions on the basis of economic expediency, taking into account the requirements of a potential partner and its reliability. And with the mandatory approval of the Turkish side.” He explained that the 49% can be sold either in full, as a single package, or in smaller packages to multiple investors.


Photo: Akkuyu nuclear power plant in Turkey

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