AKKUYU NUCLEAR Obtains Sustainable Loan Of Up To $US 500 Million From Otkritie Bank

AKKUYU NUCLEAR JSC, Rosatom subsidiary, and Otkritie Bank signed an agreement on a non-revolving 7-year credit line with an available amount of $US 500 million. The agreement was concluded between AKKUYU NUCLEAR JSC and Otkritie Bank. The funds are to finance the Akkuyu NPP (Turkey) construction project on special conditions requiring for the project company’s compliance with sustainable development obligations (covenants).

In particular, AKKUYU NUCLEAR JSC has undertaken to monitor environmental and ecological conditions and to submit a corresponding annual report in accordance with the laws of the Republic of Turkey. The covenants fulfilment ensures a lower credit rate for the borrower.

Kirill Komarov, First Deputy Director General for Corporate Development and 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 and Finance, Rosatom, commented: “The agreement on the Akkuyu NPP project financing is an important milestone in the cooperation between Rosatom and Otkritie Bank, which began in the summer of 2019. We are glad of the bank’s decision to support our low-carbon energy project in Turkey (the largest nuclear construction project in the world today), 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, Senior Vice President, Director of the Client Relations Department, Corporate and Investment Division, Otkritie Bank: Otkritie Bank aims at cooperating with top companies changing the world around them, leading by example, always seeking to do more than just business. Our strategic partner Rosatom undoubtedly belongs to this type of companies. We are pleased to participate in Rosatom’s largest foreign project as one of the main financing banks. Our deal with AKKUYU NUCLEAR JSC 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.”

Akkuyu NPP Project

The Akkuyu NPP is the first nuclear power plant under construction in the Republic of Turkey. The NPP is expected to generate about 35 billion kWh per year after the commissioning of all four units. This energy will be enough to satisfy approximately 90% of the electricity needs of a large city such as Istanbul. The plant will meet up to 10% of the electricity needs of the Republic of Turkey. The Akkuyu NPP complies with all modern requirements of the world nuclear community, specified in the safety standards of the International Atomic Energy Agency (IAEA) and the International Nuclear Safety Advisory Group, as well as the European Utility Requirements (EUR).

Rosatom

Rosatom (full name: State Atomic Energy Corporation Rosatom) is one of the global technological leaders, a diversified holding with energy, mechanical engineering, and construction assets. Rosatom is one of the ten largest companies in Russia. Having competencies throughout the entire nuclear fuel cycle, Rosatom has the largest foreign project portfolio in the world; 35 power units at different stages of implementation in 12 countries.

Rosatom is the largest electricity producer in Russia, satisfying 20%of the country’s energy needs. Rosatom activities also include the equipment manufacturing and isotope production for nuclear medicine, scientific research, materials science, digital products, and various nuclear and non-nuclear innovative products. Rosatom’s strategy aims at the development of low-carbon generation, including wind energy. Rosatom comprises about 330 enterprises and organizations with more than 266 thousand employees. Since October 2020, Rosatom has been a member of the UN Global Compact, which unites companies committed to sustainable development.

Otkritie Bank

Otkritie Bank is included in the list of systemically important credit institutions approved by the Bank of Russia. Otkritie develops all the main lines of classic universal bank business including corporate, investment, retail, SME and private banking.

The bank’s subsidiaries holding leading positions in key segments of the financial market: Rosgosstrakh and Rosgosstrakh life insurance companies, Otkritie Broker, Otkritie Management Company, Otkritie NPF, Baltic Leasing JSC, Open Leasing LLC, Otkritie Factoring LLC, RGS Bank, Customs Card JSC. The bank’s reliability is confirmed by the ratings of ACRA (the Russian Analytical Credit Rating Agency) (“АА (RU)”), Expert RA (“ruAA-“) and NСR (“АA + .ru”), as well as by Moody’s international agency (“Ba2”). The bank’s development strategy provides for an increase in speed, improvement in the customer service quality, as well as the implementation of advanced FinTech ideas.

Send Your Stories For Publication

  • Do you have a story for us or need a promotion/advertisement? Submit them to CapitalNewsOnline via our
  • Email admin@capitalnewsonline.com or
  • WhatsApp  CHAT US NOW 

||Disclaimer: CapitalNewsOnline is not responsible for the reportage, or opinions of contributors published on the website.||About Us||Contact Us ||

 

Leave a Reply

Your email address will not be published. Required fields are marked *