Electricity

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

Published

July 11, 2023

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Published:

July 11, 2023

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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.

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