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Belarus eager to revise terms of Russian loan on nuclear power plant construction by year end

Economy 29.10.2018 | 17:50

MINSK, 29 October (BelTA) – Belarus intends to reach an agreement with Russia and revise the terms of the loan granted to build the Belarusian nuclear power plant by the end of 2018, BelTA learned from Belarusian Economy Minister Dmitry Krutoi on 29 October.

“By extending the period of the loan and reducing the interest rate we intend to reduce the investment component in electricity bills,” noted the official. Several ways of adjusting the interest rate and the payback period are being evaluated.

“The Russian side does not refuse this work. Experts are now discussing new loan terms. It is important because [in current conditions] the investment component will account for about 40% in the cost of electricity the nuclear power plant will generate. Once the new terms of the loan are available, we will recalculate the investment component,” said Dmitry Krutoi. After that the new terms of the loan will be used to recalculate electricity prices for the real sector and for Belarusian households.

The Belarusian nuclear power plant is being built using the Russian standard Generation III+ design AES-2006 near Ostrovets, Grodno Oblast. The first power-generating unit is scheduled for commissioning in 2019, with the second one to go online in 2020. A credit line to build the Belarusian nuclear power plant has been opened to last till 2035. Russia is willing to lend up to $10 billion to Belarus to cover 90% of the cost of construction. Belarus has to cover the remaining 10%.

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