Russia to increase funding of Turkish nuclear plant

Russian investors look likely to increase their funding of the planned nuclear power plant, which is set to be complete in Turkey by 2023.

Russia to increase funding of Turkish nuclear plant

World Bulletin / News Desk

Project managers of Turkey's first nuclear power plant, which is planned to be built on the Mediterranean coast, have said that Russia is likely to extend credit to Turkey for the project.

Alexander Superfin, chief executive officer of Akkuyu NGS, has said that Russia, which has already committed to cover 30% of the cost, will now “discusses very actively the possibility of participating in project financing farther than their equity investment,” in a statement quoted on Bloomberg.

Turkey has announced plans to build its first nuclear plant to reduce its reliance of external energy, having imported more than $60 billion of energy last year. The Russian firm Rosatom Corp. and ZAO Atomstroyexport were approached in 2010 to construct the facility which will cost $20 billion.

Superfin also revealed that Atomstroyexport is in talks with “various Russia-based, Russian funds to participate also as creditors”.

The 4.8-gigawatt plant, which is scheduled to be complete by 2023, is expected to attract more investors when it receives environmental approval.

Rosatom has invited Electricite de France SA (EDF) to also invest in the plant, although Superfin also said that Rosatom would fund the project along if need be.

Last Mod: 25 Ekim 2013, 17:56
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