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10
September
2021

Energoatom counting on commodity loan from U.S. financial institutions for construction of Westinghouse power unit – Kotin

KYIV. Sept 10 (Interfax-Ukraine) – National Nuclear Generating Company Energoatom is counting on a commodity loan from American financial organizations to construct the first AP1000 power unit from Westinghouse at the site of Khmelnytsky nuclear power plant (NPP), head of Energoatom Petro Kotin has said.

"We expect that one of the sources of financing for construction of a power unit based on Westinghouse AP1000 technology will be a commodity loan from American financial organizations," he said in an interview with Interfax-Ukraine.

At the same time, Kotin noted: "The equipment is actually manufactured, it is at warehouses in the United States, in excellent condition, and can be delivered to Ukraine."

According to him, Energoatom has begun discussing the project with the U.S. Export-Import Bank (EXIM), and the U.S. International Development Finance Corporation (DFC).

"Our expectations and calculations are a commodity loan plus the company’s own revenues," Kotin said, while clarifying that the parties proceed from the cost of the power unit at approximately $5 billion.

At the same time, he pointed out: it is a great success that it was possible to discuss these issues in the United States, "where very large amounts of money circulate."

Regarding the financing of the project at the company’s expense, its head noted that it will be possible to talk about this more after discharging the company from obligations to provide the population with cheap electricity.

"Our company is also profitable. It costs 15 billion to maintain a low price for the population. If these obligations are removed from us [and I hope that the economy will come to a level where everyone pays for themselves], we will have additional funds. We will allocate them either for the completion of construction or to the budget from which it will be financed," Kotin said.

At the same time, he said that the project for construction of Khmelnytsky NPP’s power unit 4 has actually started, it will be implemented from scratch, and not on a previously prepared site.

"We are now having very intensive meetings with Westinghouse. At the next one, now, after our interview, we will agree on planning a work schedule, allocating responsibilities, developing a roadmap," Kotin said.

"By the end of this year, according to optimistic forecasts, we will be able to start with design and will move on," the head of Energoatom said.