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Hungary gets agreement to delay Paks II loan repayment : New Nuclear world-nuclear-news.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from world-nuclear-news.org Daily Mail and Mail on Sunday newspapers.
Russia has agreed to give Hungary a five-year delay on payments for the Russian-led expansion of the Paks nuclear power plant south of Budapest, Hungary’s Finance Ministry said on Thursday (29 April).
Budapest wants to expand the 2-gigawatt plant with two Russian-made VVER reactors, each with a capacity of 1.2 gigawatts. A €10 billion interstate loan from Russia finances most of the €12.5 billion project, which is being led by Russian state corporation Rosatom.
“As a result of successful talks, the financing agreement of the Paks 2 investment can be modified in a favourable way for Hungary: it will be sufficient to start paying off the loan in 2031,” the Finance Ministry said in a statement.
30 April 2021
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Hungary will start repaying the Russian loan for the Paks II project in 2031, five years later than originally agreed, Hungary s Finance Ministry has announced. This amendment to the intergovernmental agreement for the EUR12.5 billion (USD15.1 billion) project means that income from the new nuclear power plant can help repay the loan, but it does not change the rate of interest on the loan nor the option to pay it off early, it added.
(Image: Paks II Ltd)
Russia and Hungary signed an inter-governmental agreement in early 2014 for Russian enterprises and their international sub-contractors to supply two VVER-1200 reactors at Paks, including a Russian state loan of up to EUR10 billion to finance 80% of the project, which is known as Paks II.
Hungary gets 5-year payment delay on Russian-led nuclear plant project Russia has agreed to give Hungary a five-year delay on payments for the Russian-led expansion of the Paks nuclear power plant south of Budapest, Hungary s Finance Ministry said on Thursday. Budapest wants to expand the 2-gigawatt plant with two Russian-made VVER reactors, each with a capacity of 1.2 gigawatts.
Reuters | Budapest | Updated: 30-04-2021 00:14 IST | Created: 30-04-2021 00:06 IST
Representative picture Image Credit: Pixabay
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Russia has agreed to give Hungary a five-year delay on payments for the Russian-led expansion of the Paks nuclear power plant south of Budapest, Hungary s Finance Ministry said on Thursday.