Kommersant learned that Rosatom began attracting external financing for the construction of the Hankhikivi-1 nuclear power plant in Finland: Sovcombank will open a € 500 million credit line to the Fennovoima project. Up to now, the project of a nuclear power plant with a total value of up to € 7 billion has been promised only FNB funds (up to 150 billion rubles.), but the allocation of tranches in 2016-2017 was postponed. Rosatom, which owns 34% in Fennovoima, should seek external financing for the project, but until recently commercial credits "Khankhikivi-1" did not receive.

Sovcombank signed an agreement on the financing of the Rosatom project in Finland - the construction of the Khankhikivi-1 nuclear power plant (previously estimated at € 6.7-7 billion), told Kommersant in the bank and the state corporation. This is a credit line up to € 500 million, its validity period is 12 years. The recipient of the funds will be Fennovoima's projecting nuclear power plant (Rosatom 34%, Voimaosakeyhtio SF consortium - another 66%).

Other terms of lending, in particular, the rate, the parties do not disclose. First Deputy Chairman of the Board and shareholder of Sovcombank, Sergey Khotimsky, noted only that the bank "lends customers with minimal margin". "The credit line confirms the attractiveness of Rosatom's projects for commercial investors," says Roman Dyukarev, communications director at Rusatom Energo International (REIN, Rosatom structure, developer of the Khankhikivi-1 projects and the Akkuyu nuclear power plant). According to Natalia Porokhova of ACRA, the average payback period of new NPPs in the European market without subsidies is 25 years.

The Khankhikivi-1 NPP (1.2 GW) is one of two projects of Rosatom in the EU (along with the Hungarian Paks-2). The state corporation in 2013 received a contract for the construction of a nuclear power plant from Fennovoima and bought a stake in it. Equity financing will be about € 1.7 billion, of which Rosatom accounts for approximately € 600 million. According to the agreements, Rosatom assists in attracting external financing for the project.

While the funds of the Russian FNB are reserved for "Khankhikivi-1" - "the equivalent of € 2.4 billion in rubles, but not more than 150 billion rubles." (At the current exchange rate - € 2.17 billion). As explained by the source of Kommersant, the FNB issued the first tranche of € 920 million, the next tranche should come later. In 2016, the tranches of 2016 and 2017 (the equivalent of € 800 million, but not more than 51.2 billion rubles and € 600 million, but no more than 41.3 billion rubles, respectively) were transferred to 2018 and 2019. Yesterday the Finance Ministry refused to comment on when the planned transfer of tranches is planned, the Ministry of Economy did not respond to Kommersant. But we note that the rules for allocating funds to the already agreed projects are extremely complex, and Russian Railways and Avtodor GC collided in 2017 with the inability to receive them (see Kommersant on November 15 and December 5).

In addition, a source at Kommersant noted that for the supply of the GE Power Systems turbine island (formerly the structure of French Alstom) to Hanshikivi-1, it is planned to raise financing with the insurance coverage of a foreign export credit agency. In June, Rosatom's financial director Ilya Rebrov estimated financing for turbine equipment of € 500 million, and total financing under guarantees from foreign export agencies was € 2.8 billion. But Sovcombank's line was the first commercial loan of the Finnish project: as explained by the source "Kommersant", there are no other loans from Fennovoima yet. He added that the project company itself will decide whether to choose a credit line entirely - to replenish working capital or payments to suppliers. According to Kommersant estimates, taking into account the share financing, FNB funds, insurance for supplying turbines and Sovcombank credit to Khankhikivi-1, it is still necessary to find about € 1.8-2 bn.