AKKUYU NUCLEAR JSC receives up to 300 mln USD loan from Sovcombank

AKKUYU NUСLEAR JSC, a subsidiary of ROSATOM, has received a loan of up to $300 million for a period of 7 years from Sovcombank PJSC to finance the Akkuyu NPP construction project in Turkey. The loan opens a new chapter in the relationship between the parties.

Ilia Rebrov, Deputy Director General for Economy and Finance at ROSATOM, said: “The role of nuclear power in ensuring a low-carbon energy balance of the future cannot be overestimated. Without nuclear power it is unlikely that greenhouse gas emissions can be reduced to the levels required to meet the climate goals of the Paris Agreement and the UN's sustainable development goals in general. We value long-term partnerships and are pleased to expand our strategic cooperation with Sovcombank. The construction of the Akkuyu NPP in Turkey is progressing at a good pace. In this context, Sovcombank's loan is important to ensure timely financing of the project. In general, ROSATOM is currently engaged in many projects that require the involvement of reliable financial partners focused on supporting the sustainable development agenda. I am confident that Sovcombank will help us facilitate solutions for these objectives.”

Dmitry Gusev, Chairman of the Board of Directors of Sovcombank, said: "Construction of modern nuclear power plants will help to reduce greenhouse gas emissions. Sovcombank was the first Russia-based bank to join the group of 130 international banks that signed the UN Principles for Responsible Banking (UNEP FI) at the UN General Assembly in New York in 2019, and has pledged to align its strategy with global climate goals. The provision of the loan for the construction of the Akkuyu NPP in Turkey is fully in line with these goals".

ROSATOM is one the global technological leaders. It is a multi-industry holding comprising assets in power engineering, machine engineering and construction, among others. Having competencies across the entire nuclear fuel cycle, the corporation boasts the largest foreign project portfolio in the world with 35 power units at different stages of implementation in 12 countries. ROSATOM is the largest producer of electricity in Russia, ensuring over 19% of the country’s energy needs. ROSATOM also ventures into manufacturing equipment and isotopes for nuclear medicine, does research, materials studies, digital products, manufactures various innovative nuclear and non-nuclear products. ROSATOM is engaged into low-carbon generation, including wind energy. The corporation includes about 400 enterprises and organizations employing a total of more than 250,000 people. Since October 2020, ROSATOM has been a member of the United Nations Global Compact, the largest corporate social responsibility and sustainable development initiative for businesses across the world.

Akkuyu NPP is the first-ever nuclear power plant to be built in the Republic of Turkey. After the commissioning of all four units, Akkuyu NPP is expected to generate around 35 billion kW per year – enough to cover 90% of the electricity needs of a large city like Istanbul, or up to 10% of total electricity consumption in Turkey. The Akkuyu project meets all modern nuclear standards and requirements, including those set by the International Atomic Energy Agency (IAEA), the International Nuclear Safety Group and the members of the European Utility Requirements for LWR Nuclear Plants (EUR). 

As one of the ten largest banks in Russia, Sovcombank is classified as a strategically important bank. It possesses RUB 1.5 trillion (under IFRS) worth of assets and is one of the main banks working with ROSATOM. The bank employs 17,000 people across 2 thousand offices. These offices are found in over 1,000 cities, towns and villages across the Russian Federation. The bank provides a full range of both commercial and legal banking services.