Russia's Sberbank loans US $800 mn for Akkuyu nuclear plant in Turkey

Russia's bank Sberbank will loan Turkey's atomic energy corporation to build the Akkuyu nuclear power plant (NPP). The bank said they will give two lines of credits with the value of US $500 million and US $300 million for seven years.

"The funds will be allocated for the construction of four NPP units," said the bank in a statement on Wednesday.

"Russian banks support sustainable low-carbon power generation projects and are eagerly responding to our debt financing needs," said Anton Dedusenko, deputy board chairman, managing director for sustainable development and shareholder relations at Akkuyu nuclear JSC.

Akkuyu NPP is expected to produce about 35 billion kWh per year, meeting approximately 10 percent of Turkey’s electricity needs. Turkey is highly dependent on fossil fuels and its looking to diversify its power supply.