11 Dec 2017 16:14

NPP in Egypt to cost up to $21 bln - Rosatom chief

CAIRO. Dec 11 (Interfax) - The construction of all four units at the El Dabaa Nuclear Power Plant (NPP), scheduled for completion in 2028-2029, will require financing of up to $21 billion, Rosatom head Alexei Likhachev told journalists, commenting on Monday's signing of acts, bringing contracts for the construction of the NPP into effect.

"On standard figures, the project will cost up to $21 billion. The construction schedule for all four units, I think, envisages completion in 2028-2029," Likhachev said.

He said the agreements on the plant's construction and on an inter-governmental loan stated that a Russian loan would cover 85% of the costs and that Egypt would finance the rest.

The documents to be signed on Monday will bring all four contracts to build the NPP into effect. The plant will have the latest III+ generation reactors with overall capacity of up to 5 GW. "This is a very serious addition to Egypt's energy balance because the country's entire generating capacity is currently 31 GW and there are major shortages. And of course the price of the electricity here is very important," Likhachev said.

He said the contracts took just under two years to draft, which is quite acceptable in world practice. A project on such a scale is unique for Egypt, so the partners have adopted a meticulous approach to establishing their mutual obligations. "Moreover we are signing a contract today not just for construction but also for servicing, dealing with spent nuclear fuel and fuel servicing over a 60-year horizon, the plant's whole service life," Likhachev said.