Russia offers $15 billion loan for Kazakhstan's first nuclear plant
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Russia is set to provide 85% of the financing for Kazakhstan's first nuclear power plant, according to Almasadam Satkaliyev. The total project cost is estimated at $15 billion for two 1,200 MW reactors. This development comes as Kazakhstan plans to establish a national holding for nuclear energy.
Financing Agreement
Almasadam Satkaliyev, head of Kazakhstan's atomic energy agency, announced that Russia will finance 85% of the construction costs for Kazakhstan's first nuclear power plant. The plant, led by Rosatom, is expected to cost around $15 billion for two 1,200 MW reactors. Two intergovernmental agreements are being developed to outline the construction and financing terms.
National Nuclear Holding
Kazakhstan plans to create a national holding company to own and operate its nuclear facilities, according to Satkaliyev. This company will focus on developing nuclear energy and increasing local content. Rosatom was chosen as the lead consortium for the project due to favorable terms. Previously, Russia faced financing issues with coal power plants in Kazakhstan, leading to a shift in project management to local entities.
What's Next
The intergovernmental agreements are expected to be finalized soon. It remains unclear how Kazakhstan will manage the financing challenges if they arise.
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Russia offers $15 billion loan for Kazakhstan's first nuclear plant
