Russian bank Sberbank will provide a loan of $800 million (TL 8.3 billion) to Akkuyu Nuclear Inc. for a period of seven years to construct four units at the Akkuyu Nuclear Power Plant (NPP).

Sberbank Deputy Chairperson of the Board Anatoly Popov noted that Sberbank had provided a seven-year term loan of $400 million for Akkuyu Nuclear Inc. in 2019.

"In 2019, Sberbank became the first lender of Rosatom's large-scale project to build a modern nuclear power plant in Turkey. We are pleased to continue the financing as this project is of strategic importance for the bank. Sberbank maintains its leading position among the lenders of this largest international project of Rosatom, with new loans amounting to $800 million made available this year," Popov said.

Anton Dedusenko, vice chairperson at Akkuyu Nuclear Inc. and general manager of Sustainable Development and Shareholder Relations, evaluated their partnership with Sberbank to Ihlas News Agency (IHA).

"This year, the pace of construction at Akkuyu NPP has reached a new level. Today, work is underway on all four power units at various stages. We completed the licensing process with the issuance of the license for the construction of the fourth power unit in October, and we are nearing the pinnacle of construction work," he said.

"Russian banks support sustainable, low-carbon electricity generation projects and respond enthusiastically to our loan needs. We are pleased that Sberbank is our long-term and reliable partner," he added.

Akkuyu NPP, Turkey's first nuclear power plant, is planned to produce approximately 35 billion kilowatt-hours of electricity annually once all four power units start operation. It is estimated that the power plant will meet 10% of Turkey's electricity requirement.