26 Jan 2011 17:18

Rosenergoatom gets 31.34% in project company for construction of Akkuyu NPP in Turkey

MOSCOW. Jan 26 (Interfax) - OJSC Rosenergoatom has received 31.34% of the shares in Akkuyu Elektra, the design company formed for the construction of the Akkuyu Nuclear Power Plant (NPP), the first of its kind in Turkey, the Russian concern said in a statement.

The shares in the company were transferred to Rosenergoatom's balance sheet on December 13, 2010.

The design company was registered in mid-December. It includes five founders - CJSC Atomstroyexport and OJSC Inter RAO UES each with 33%. Rosenergoatom, and two other companies, Atomtekhenergo and Atomenergoremont, each have 1% stakes.

The design company will belong entirely to the project's Russian participants during the first stage. However, strategic investors, primarily Turkish, will later purchase up to 49% of the shares.

Russia ratified an agreement with Turkey in December fro the construction of the first Turkish NPP at the Akkuyu site. The document was signed in Ankara on May 12, 2010. Russia's State Duma ratified the agreement in law on November 19. The document received the approval of the Federation Council on November 24.

Akkuyu NPP will consist of four reactors each with 1,200 megawatts in capacity. The Russian government will provide the project's general subcontractor, CJSC Atomstroyexport, with a loan on favorable terms. The loan will be compensated through sales of the NPP's electricity production. Turkey guarantees a set amount of electricity at a set price for 15 years from the moment of the first reactor's launch.

Rosatom's head Sergei Kirienko earlier estimated the NPP's construction at around $20 billion.