Paks upgrade project company capital raised by HUF 19.7 bn

Budapest, June 13 (MTI) – Hungary has raised the capital of the project company undertaking an upgrade of the Paks nuclear power plant by 19.7 billion forints (EUR 63.1m), business daily Világgazdasag said on Monday.

The Prime Minister’s Office told the paper that the capital raise was necessary to cover the operating costs of the Paks II Project Company as well as the cost of preparations and obtaining permits.

The fresh capital will be sufficient until the next capital raise set for March 2017, Vilaggázdasag said.

The construction of two new blocks at the Paks plant is being financed with a 10 billion euro loan from the state of Russia.

Hungary will start drawing on the credit after it is cleared by the European Commission, the European Union’s competition authority, which is expected to take place this year, the PM’s office said.

Source: http://mtva.hu/hu/hungary-matters