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Turkish Akkuyu nuclear obtains sustainable loan of up to $500 million from Russian Otkritie bank

The Akkuyu NPP is the world's 1st NPP project implemented according to the BOO model (Build - Own - Operate)

Turkish Akkuyu nuclear obtains sustainable loan of up to $500 million from Russian Otkritie bank

Moscow, April 15 - Neftegaz.RU. Akkuyu Nuclear, Rosatom subsidiary, and Otkritie Bank signed an agreement on a non-revolving 7-year credit line with an available amount of $500 million.

Kirill Komarov, 1st Deputy Director Gen. for Corporate Development & International Business of Rosatom, noted:
  • Conditional credit allows us not only to count on a preferential interest rate, but also to once again confirm the common tendency of both our flagship project Akkuyu, and Rosatom to choose sustainable solutions and ways to accomplish our tasks
  • Each sustainable loan proves that the financial market sees nuclear energy not only as a reliable borrower, but as the industry that creates conditions for economic growth under a sustainable, low-carbon scenario
Ilya Rebrov, Deputy Director General for Economics & Finance, Rosatom, commented:
  • We are glad of the bank's decision to support our low-carbon energy project in Turkey, the more so since the credit line was approved provided that we comply with the conditions that reflect our commitment to the UN Sustainable Development Goals as well as the goals of the Paris Agreement
  • We believe that our strategic partnership with Otkritie Bank will further extend to other Rosatom projects and facilitate their timely implementation
Ekaterina Chirkova, Director of the Client Relations Department, Corporate and Investment Division, Otkritie Bank:
  • We are pleased to participate in Rosatom’s largest foreign project as one of the main financing banks
  • Our deal with Akkuyu Nuclear is especially important for the bank, since it uses a mechanism that encourages the client's full compliance with their environmental obligations in line with current international practices
The funds are to finance the Akkuyu NPP construction project on special conditions requiring for the project company’s compliance with sustainable development obligations (covenants).

In particular, Akkuyu Nuclear has undertaken to monitor environmental and ecological conditions and to submit a corresponding annual report in accordance with the Turkish law.
The covenants fulfilment ensures a lower credit rate for the borrower.

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