11:40 12.10.2016

Energoatom seeks to raise $250 mln from BofA-ML before Oct 2017 for spent nuclear fuel facility

Energoatom seeks to raise $250 mln from BofA-ML before Oct 2017 for spent nuclear fuel facility

National Nuclear Generating Company Energoatom seeks to raise $250 million from Bank of America Merrill Lynch (BofA-ML) for building a centralized spent nuclear fuel storage facility before October 2017, Energoatom President Yuriy Nedashkovsky has told reporters.

"The work has been started. At the end of the summer I signed the contract with Bank of America Merrill Lynch… We are waiting for receiving the funds, finishing this work within one year as planned," he said.

He said that Energoatom Vice President for Economy and Finances Aidyn Aisin is staying in the United States where he is organizing the preparations for a technical, economic and environment audit.

Nedashkovsky said that Energoatom finances the works to build the spent nuclear fuel storage facility using funds foreseen in the electricity transmission tariff set by the National Commission for Energy, Housing and Utilities Services Regulation (NCER). Works carried out by Holtec and Atomprojectengineering are financed.

He said that at present the examination of the project and the preliminary facility safety report are being finished.

He said in early October 2016 Ukraine's Cabinet of Ministers changed the intended end-use of land parcels located in the Chornobyl zone to build the facility.

"Here [land and construction works] there is a delay that we estimate will last some nine or ten months. We will actively work on cutting the gap and supply first containers to the facility site in 2018," he said.

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