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."