Russia approves EUR 10bn loan to finance expansion of Hungary's nuclear plant Paks.

By bne IntelliNews March 14, 2014

The Russian government has earmarked EUR 10bn for a loan to finance the expansion of Hungary's sole nuclear power plant in Paks, MTI news agency reported citing Russian news agency Interfax.

By signing the decision, Russian PM Dmitry Medvedev approved the draft agreement on the credit and mandated the finance, foreign affairs and economic development ministries as well as Rosatom and Vneshekonombank to work out the details with Hungary.

Russia has earlier agreed to provide a the intergovernmental loan to fund the construction of two new reactors at Paks. The credit will cover 80% of the total project cost, while the remaining EUR 2bn will be provided by the Hungarian state.

Under the deal, Russian state-owned nuclear company Rosatom will build the two reactors with a 1,200 MW capacity each. This will more than double the capacity of Paks, which currently has four Russian VVER-type reactors with a combined capacity of about 2,000MW. The first new block could become operational in 2024.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Montenegro to speed up re-nationalisation of power firm EPCG

Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more

Croatia reportedly receives just one bid to lease capacity at planned LNG terminal

LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more

Finland gives final nod to construction of Nord Stream II

Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more

Most Read

  1. Europe pushes back against US sanctions on Russia
    2 days ago
  2. Romanian developers get in the game
    7 days ago
  3. Putin and Trump trying to walk back Syria strike and sanctions tensions
    7 days ago
  4. What’s the cost of US sanctions on Russia?
    8 days ago
  5. Is Armenia facing a colour revolution? Popular protests on the rise in Emerging Europe
    2 days ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    28 days ago
  2. Europe pushes back against US sanctions on Russia
    2 days ago
  3. Romanian developers get in the game
    7 days ago
  4. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    15 days ago
  5. Putin and Trump trying to walk back Syria strike and sanctions tensions
    7 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss