19 Jan 2022 15:56

Rosatom could place Eurobonds totaling $1 bln in order to finance Akkuyu NPP project in Turkey - presentation

DUBAI, UAE. Jan 19 (Interfax) - Rosatom could place Eurobonds totaling $1 billion in order to finance the construction of the Akkuyu nuclear power plant in Turkey, the Russian state nuclear energy corporation said in a presentation as part of Rosatom Week at Expo 2020 Dubai.

It became known in 2021 that Russia and Turkey were discussing raising funds for the Akkuyu NPP project.

The Akkuyu NPP is being constructed according to a build-own-operate (BOO) arrangement, when the Russian party acts as the owner of the foreign NPP. Rosatom companies now own nearly 100% of the capital in Akkuyu Nuclear. The cost of the NPP construction project is around $22 billion.

During a meeting of the High-Level Russian-Turkish Cooperation Council in April 2019, Russian President Vladimir Putin said that additional funding was required in order to implement the Akkuyu project, and that there were potential Turkish investors.

Over the past two years, Rosatom has solicited loans from Otkritie Bank totaling up to $500 million, from Sovcombank totaling up to $300 million, and from Sberbank totaling up to $400 million for the Akkuyu NPP project.