The state-owned Russian bank Sberbank has granted a loan to Akkuyu Nuclear, an affiliate of Russia's Rosatom, to build the Akkuyu nuclear power plant in Turkey, opening two lines of credit of US$500m and US$300m for seven years. Sberbank had already extended a seven-year credit line worth US$400m to Akkuyu Nuclear in August 2019.
The Akkuyu Nuclear Power Plant, which is being developed by Rosatom, will consist of four 1,200 MW VVER reactors for a total capacity of 4,800 MW. The US$20bn project is built under a Build-Own-Operate (BOO) agreement. Construction of the first three units started in 2017, 2019, and 2021, respectively. Earlier in November 2021, Rosatom's Turkish subsidiary Akkuyu Nuclear secured a construction license for the fourth unit of the Akkuyu Nuclear Power Plant from the Turkish Atomic Energy Agency (TAEK). Construction will start in early 2022. The first reactor is expected to be completed by May 2023 and the three remaining units are due to be commissioned by the end of 2026.
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