Russia’s Sovcombank provides loan for Turkey's nuclear project

21 December 2020

Russia’s Sovcombank said on 18 December that it will provide Rosatom subsidiary Akkuyu Nuclear with a loan of up to $300 million for a period of seven years to finance the project to build the Akkuyu NPP in Turkey.

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

“Sovcombank was the first Russian bank to join a group of 130 international banks that signed the UN Principles for Responsible Banking (UNEP FI) at the UN General Assembly in New York in 2019. Sovcombank has pledged to build a strategy in accordance with international climate goals. The provision of a loan for the construction of the Akkuyu NPP in Turkey is fully consistent with these goals," he added. 

Ilya Rebrov, Deputy General Director for Economics and Finance at Rosatom said it is impossible to meet climate goals without nuclear power. “We value long-term partnerships and are pleased to expand our strategic cooperation with Sovcombank."

Construction of the Akkuyu NPP in Turkey is progressing well, Rebrov said, adding that the loan from Sovcombank is "important to ensure timely financing of the project."

"Today Rosatom is implementing a variety of projects that require the involvement of reliable financial partners interested in supporting the sustainable development agenda. I am sure that Sovcombank will help us in solving these problems."

Rosatom said the same day that it will be guided by economic expediency when selling a stake in the Akkuyu project.

Rosatom currently holds 100% of the shares in Akkuyu Nuclear but aims to sell up to 49% to other investors. Anton Dedusenko, deputy director general of Rusatom Energo International, said: "We do not set deadlines, the project is secured with funding, and we are ready to devote the necessary time to the search for partners and the negotiation process, as needed."

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 obligatory approval of the Turkish side." He explained that the 49% can be sold either in full, in a single package, or in smaller packages to several investors.

Photo: Akkuyu nuclear power plant in Turkey

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.