The Sberbank has agreed to grant an additional loan of US$800m to Akkuyu Nuclear, a joint-stock company majority-owned by Rosatom, for the construction of the US$20bn Akkuyu Nuclear Power Plant (Akkuyu NPP) in Turkey.
The Russian banking group stated that it has opened two credit lines worth US$500m and US$300m for a period of seven years. The funds will be used to build four VVER-1200 units that constitute the 4.8GW nuclear power project.
At the end of 2019, Sberbank provided Turkish nuclear power plants with an extended seven-year credit facility worth US$400m.
Akkuyu NPP is the first nuclear power plant in Turkey to enter the construction phase. It is located in Mersin Province and is implemented under an intergovernmental agreement signed in 2010 between Turkey and Russia.
The first unit of the Akuyu Nuclear Power Plant began construction in 2018, and the building of the second unit broke ground in June 2020.
Last month, the holding company of the plant obtained a new construction permit for the fourth unit issued by the board of the Turkish Nuclear Regulatory Authority.
Once fully operational, Akkuyu NPP is expected to generate nearly 35bn kilowatt-hours of electricity per year, which can meet approximately 10% of the electricity demand in Turkey. Its service life is at least 60 years.
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