Russia approves EUR 10 billion credit package for Hungary’s Paks 2 nuclear plant

Russia EUR 10 billion credit package Hungary Paks 2 nuclear plant

Photo: Paks2.hu


July 11, 2023



comments icon




July 11, 2023



comments icon



Russia issued a decree for a loan of up to EUR 10 billion for the construction of the Paks 2 nuclear power plant in Hungary, worth EUR 12.5 billion in total.

Hungary and Russia aren’t winding down on the key aspects of their bilateral cooperation despite the European Union’s sanctions over the invasion of Ukraine. The Kremlin gave the green light for a state loan for the Paks 2 project. Two reactors of 1.2 GW each are supposed to be added to Hungary’s existing Paks nuclear power plant.

Russia announced that it issued a decree approving a financing package of up to EUR 10 billion, RT reported. The facility would be run by Hungary’s state-owned energy utility MVM.

At the same time, Bulgaria is negotiating to sell Russian-made equipment for its unfinished Belene nuclear power project to Ukraine.

The Paks 2 plant, worth an estimated EUR 12.5 billion, is supposed to enter the construction phase within a year, the article adds. However, preparatory works began last August and Hungary declared the start of construction of the cut-off wall earlier this month.

The first deal was signed nine years ago for Rosatom to install units 5 and 6. Paks covers half of Hungary’s electricity needs with its four reactors of 500 MW apiece.

As for the rest of the region covered by Balkan Green Energy News, fuel was loaded two months ago into the first reactor of Turkey’s first nuclear power plant – Akkuyu, built by Rosatom. The unit, still not operational, is planned for 1.11 GW in electricity capacity.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000

eds ceo biljana komnenic elektrodistribucija srbije

Biljana Komnenić takes helm of Serbia’s DSO

22 July 2024 - The Government of Serbia has dismissed the acting director of distribution system operator Elektrodistribucija Srbije, Bojan Atlagić

serbia dso eib loan smart meters elektrodistribucija srbije dubravka de groot

Serbia secures EUR 80 million to replace 400,000 smart electricity meters

22 July 2024 - Distribution system operator Elektrodistribucija Srbije and the European Investment Bank have signed an EUR 80 million loan agreement