Russia's largest lender Sberbank will provide loans of $800 million for the construction of Turkey's first nuclear power plant (NPP), Akkuyu, the bank announced Wednesday.
The seven-year loan will be provided to the project company Akkuyu Nuclear JSC, a subsidiary of Russia's State Atomic Energy Corporation Rosatom, according to Sberbank.
'The new lines of credit with the value of $800 million that we have opened this year enable Sberbank to maintain its leading position among the lenders of this major international project by Rosatom,' said Anatoly Popov, deputy chairman of Sberbank.
Sberbank is the first lender of the project, having already granted a $400 million seven-year loan in 2019.
The operation of the plant's first unit is due to start in 2023 when the country will celebrate the 100th anniversary of the republic. All the remaining three units are set to start operations by the end of 2026, at a rate of one per year.
The plant, which will have four VVER-1200 power reactors upon completion, will have a total installed capacity of 4,800 megawatts, produce 35 billion kilowatt-hours of electricity annually and meet around 10% of the country's power consumption when it is fully commissioned.
Reporting by Emre Gurkan Abay in Moscow
Writing by Firdevs Yuksel