Rosatom´s AKKUYU NUCLEAR receives up to $300 million loan from Sovcombank

Moscow, December 31 - Neftegaz.RU. AKKUYU NUСLEAR, a subsidiary of ROSATOM, has received a loan of up to $300 million for a period of 7 years from Sovcombank to finance the Akkuyu NPP construction project in Turkey. The loan opens a new chapter in the relationship between the parties.

Akkuyu NPP is the 1st-ever nuclear power plant to be built in Turkey. After the commissioning of all 4 units, Akkuyu NPP is expected to generate around 35 billion kW per year – enough to cover 90% of the electricity needs of a large city like Istanbul, or up to 10% of total electricity consumption in Turkey.

Ilia Rebrov, Deputy Director General for Economy and Finance at ROSATOM, said:

• The role of nuclear power in ensuring a low-carbon energy balance of the future cannot be overestimated
• Without nuclear power it is unlikely that greenhouse gas emissions can be reduced to the levels required to meet the climate goals
• We are pleased to expand our strategic cooperation with Sovcombank
• The construction of the Akkuyu NPP is progressing at a good pace
• Sovcombank's loan is important to ensure timely financing of the project

Dmitry Gusev, Chairman of the Board of Directors of Sovcombank, said:

• Construction of modern nuclear power plants will help to reduce greenhouse gas emissions
• Sovcombank was the 1st Russian bank to join 130 international banks that signed the UN Principles for Responsible Banking
• The provision of the loan for the construction of the Akkuyu NPP in Turkey is fully in line with these goals

As one of the 10 largest banks in Russia, Sovcombank is classified as a strategically important bank. It possesses RUB 1.5 trillion worth of assets and is one of the main banks working with ROSATOM.