By Andrei Skvarsky.
Sovcombank, one of Russia’s largest banks, has entered into a deal in which it would lend a maximum of $300m to co-finance Russia’s current construction of a nuclear power plant at Akkuyu, Turkey, the first Turkish nuclear generating facility.
The borrower is construction project operator Akkuyu Nuclear JSC, a subsidiary of Russian state nuclear company Rosatom, Sovcombank said in a statement.
Sovcombank is one of Russia’s 10 largest banks by assets. Its assets reach 1.5 trillion roubles ($20.3bn) by international reporting standards. It has a workforce of 17,000 in 2,000 branches throughout Russia.
Sovcombank is the first Russian bank to have joined a United Nations initiative for environmentally and socially responsible banking (UNEP FI). It is one of the 202 banks that have signed the UN FI’s Principles for Responsible Banking.
Akkuyu, due to be put in operation in 2023, is expected to have generating capacity to satisfy up to 10 per cent of the electricity needs of Turkey and about 90 per cent of those of a city the size of Istanbul.
The construction of the plant in the Mediterranean province of Mersin is one of Rosatom’s current projects in 12 foreign countries.
Rosatom brings together about 400 firms employing more than 250,000 people.
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