OECD lays out nuclear export credits

29 June 2009

OECD countries have agreed to boost official backing for exports of renewable energy and nuclear power equipment by offering more generous terms on government-backed credits in support of export deals.

Under the new arrangement, countries that participate in the OECD’s Arrangement on Officially Supported Export Credits agreed to provide official export credit support for projects in the renewable energies, water and nuclear power sectors in the form of loans with longer repayment terms of up to 18 years and more flexible definitions of repayment schedules, accompanied by a revised fixed interest rate regime for longer loan durations.

Decommissioning and work related to electrical substations are excluded.

Under the terms of the deal, the maximum repayment term of: nuclear goods and services is 18 years, enrichment 5 years, spent fuel management 5 years, spent fuel disposal 2 years, initial fuel load 4 years after delivery, second and later fuel loads 2 years.

Minimum interest rates for new nuclear power plants range from 100 margin basis points for 11-year deals (with seven-year government bonds) to 130 margin basis points for 18-year deals (with 10-year government bonds).

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