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.

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