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Akkuyu Nuclear will receive 2 sustainability linked loans from Sovcombank totaling $300 million

Sovcombank is one of Russia’s 10 largest banks (with assets totalling approximately $20.27 billion, as per IFRS) and one of Rosatom’s base banks

Akkuyu Nuclear will receive 2 sustainability linked loans from Sovcombank totaling $300 million

Moscow, March 11 - Neftegaz.RU. Akkuyu Nuclear (Rosatom’s subsidiary) receives 2 loans of up to $200 million and $100 million respectively for a period of 7 years from Sovcombank to finance the construction of the Akkuyu NPP in Turkey.

Rosatom’s deputy DG for Economy and Finance Ilia Rebrov said:
  • By committing to sustainable development obligations as part of the loan agreements, Rosatom, by means of the Akkuyu project, exemplifies the new level of responsibility assumed by nuclear companies in implementing the world’s sustainable development agenda
  • There are no direct CO2 emissions in the production of nuclear energy
  • Nuclear generation, therefore, plays a crucial role in ensuring that greenhouse gas emissions are reduced to meet the goals of the Paris Agreement and to achieve the UN’s Sustainable Development Goals
  • Compliance with sustainable development requirements makes it possible to provide these loans on special terms, allowing us to be confident about the economic feasibility and advantages of «sustainable» financing
Rosatom’s objective is to develop low-carbon power generation projects, including in the field of wind energy.
Since October 2020, Rosatom has been a member of the UN Global Compact, which unites companies committed to sustainable development.

Dmitry Gusev, Chairman of Sovcombank’s Board of Directors, said:
  • We are pleased with this opportunity to work with Rosatom to implement the Akkuyu NPP project
  • Sovcombank signed the Principles for Responsible Banking, approved at the UN General Assembly in New York in 2019
  • In the framework of this document, the world’s biggest banks have pledged to build their strategies in ways reflecting the international climate agenda
  • Both Sovcombank and Rosatom are interested in developing low-carbon clean energy, an endeavour that is in line with Goal 7, that of «Affordable and Clean Energy»
Rosatom unites about 330 enterprises and organisations and employs over 266 000 people.
The state corporation has developed competencies in all stages of the nuclear fuel cycle and ranks 1st in the world in terms of portfolio of foreign projects, with 35 power units at different stages of implementation in 12 countries.

To read the article in Russian.

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