Russia and India have signed a protocol for financing the Kundankulam Nuclear Power Project (KKNPP). As per the protocol, Russian federation will be providing $3,400m for financing up to 85% of value of works, supplies and services to be provided by Russian organisations for KKNPP Units 3 & 4.
The protocol also has provision for state export credit amounting to $800m for financing up to 85% nuclear fuel and assemblies.
The civil nuclear co-operation between the two countries started two decades ago. A comprehensive inter-governmental agreement (IGA) was signed between India and the erstwhile USSR in 1988 for construction of two units of 1,000 MW each at Kundankulam in Tamil Nadu, but the project remained in a limbo after the collapse of the Soviet Union in 1991. It was revived following a supplementary agreement signed in June 1998.
The construction of the two units at Kundankulam is nearing completion. While the first unit is expected to be commissioned shortly, the second unit will be commissioned after a gap of seven months. Another IGA was signed subsequently in December 2008 which provided for construction of four more nuclear power units at the existing site at Kundankulam.
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