December 18 (SeeNews) - Russia's Sovcombank said on Friday it will lend up to $300 million (244.8 million euro) to Turkish construction company Akkuyu Nuclear, a subsidiary of Russia's state-owned nuclear energy corporation Rosatom, for the construction of the Akkuyu nuclear power plant (NPP) in Turkey.
Sovcombank will provide the loan over a period of seven years, it said in a statement.
"The construction of the Akkuyu NPP in Turkey is progressing at a good pace. In this context, Sovcombank's loan is important to ensure timely financing of the project. In general, Rosatom is currently engaged in many projects that require the involvement of reliable financial partners focused on supporting the sustainable development agenda. I am confident that Sovcombank will help us facilitate solutions for these objectives,” Ilia Rebrov, deputy director general for economy and finance at Rosatom, said in the statement.
In 2010, Turkey and Russia signed a cooperation agreement for the construction of the power plant worth an estimated $20 billion.
The first reactor of the Akkuyu NPP is planned to be put into operation by 2023, Daily Sabah quoted Turkey's energy ministry as saying in November.
The NPP will have four units and is expected to generate around 35 billion kWh per year at full capacity.
Rosatom owns 99.2% of project company Akkuyu Nuclear which implements the project for construction and operation of the power plant.
($ = 0.8161 euro)