Russian state-owned banking company Sberbank has agreed to provide an $800m loan to Rosatom subsidiary Akkuyu Nuclear to build the Akkuyu nuclear power plant (NPP) in Turkey.

The seven-year loan includes two credit lines, valued at $500m and $300m respectively, which will be used to build four NPP units.

Sberbank executive board deputy chairman Anatoly Popov said: “Sberbank was the first lender to Rosatom’s large-scale construction of a modern NPP in Turkey in 2019.

“The project is of strategic importance to the bank, which is why we are happy to be financing it further.

“The new lines of credit with the value of $800m that we have opened this year enables Sberbank to maintain its leading position among the lenders of this major international project by Rosatom.”

In 2019, Sberbank provided a $400m loan to Akkuyu Nuclear with a seven-year tenure.

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By GlobalData

The Akkuyu NPP is the first nuclear facility to be built in Turkey. Its first unit is expected to come online in 2023.

Upon completion, the facility will have the capacity to generate 35 billion kWh of electricity a year, enough to meet 10% of the country’s electricity needs.

The NPP is being developed according to standards defined by the International Atomic Energy Agency (IAEA) and the International Nuclear Safety Group.

It is also understood to be in line with European Utility Requirements (EUR).

Akkuyu Nuclear deputy board chairman and sustainable development and shareholder relations managing director Anton Dedusenko said: “The pace of construction of the Akkuyu NPP has reached the next level this year, with all four power units being developed at the same time.

“Russian banks support sustainable low-carbon power generation projects and are eagerly responding to our debt financing needs.

“We are glad to see Sberbank, our long-standing and reliable partner, among them.”