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Russia to finance and build two nuclear reactors in Hungary

14 January 2014

Russian President Vladimir Putin said on January 14 that he and visiting Hungarian Prime Minister Viktor Orban had agreed on the construction of two new units at Hungary's only nuclear power plant at Paks, south of Budapest.

The control room of a Russian-built nuclear power station
The control room of a Russian-built nuclear power station

Russia will lend Hungary up to 10 billion euros ($13.65 billion) for the construction of the new units by Rosatom, which is likely to cover most of the costs. This loan is the largest negotiated by Hungary in its recent history.

Orban's Chief of Staff Janos Lazar said the European Union has already approved a draft plan for the construction of the units, which will have a capacity of 1,200 megawatts (MW) each.

Lazar said 80% of the financing would be covered by the 30-year loan from Russia, and Hungary would finance the remainder.

The new reactors are scheduled to come on line before 2023 and will remain in Hungarian state ownership. 

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