Ukraine's Energoatom raises loan of GBP 181 mln to finance supply of nuclear materials from Urenco

MOSCOW. July 23 (Interfax) - Energoatom has signed a loan agreement for GBP 181 million with a consortium of Deutsche Bank AG and Barclays Bank Plc, Ukrainian media quoted the Ukrainian company as saying on Telegram.

"Loan funds under the contract between Energoatom and Britain's Urenco will be used to finance the supply of nuclear materials - enriched and natural uranium hexafluoride," it said.

The loan agreement is concluded for five years. The guarantee is provided by the UK government through UK Export Finance (UKEF). There are no state guarantees from Ukraine.

"Earlier, Pyotr Kotin, head of Energoatom, and Boris Schucht, Urenco CEO, signed a contract for the supply of enriched uranium product for Ukrainian nuclear power plants. The British company will supply Energoatom with enriched uranium until 2035, with the possibility of extending the contract until 2043. The purpose of the loan is to ensure the fulfillment of the contract between Energoatom and Urenco regarding the purchase of nuclear fuel," the company said.

"The Ukrainian side has been conducting negotiations for a long time, the result of which was long-term cooperation and obtaining a loan," it said.

Energoatom and Urenco signed a contract for enriched uranium supplies for Ukrainian nuclear power plants in November 2023.

After Ukraine stopped using Russian nuclear fuel, Westinghouse became the sole supplier of fuel assemblies for Energoatom's power plants and Urenco supplies the enriched uranium used by Westinghouse to produce them, Energoatom said.