EU court reverses permission to Hungary to finance Paks Nuclear Power Plant 2 project, implemented jointly with Russia

MOSCOW. Sept 11 (Interfax) - The EU court has reversed the decision to finance the construction of two power units of Paks Nuclear Power Plant 2 in Hungary, the corresponding decision is available in the court files.

The decision reverses the previous authorization by the European Commission of financial support to the project by Hungary of 2017.

According to the court materials, the main financing of the project should come from a Russian loan in an amount of up to 10 billion euros. Another 2.5 billion euros was expected to be provided from the Hungarian budget

The state corporation Rosatom said the corporation "continues implementing the project in collaboration with the Hungarian partners." "Implementing the project in accordance with the international safety standards and in full compliance with the contract obligations remains a top priority for Rosatom, the company said.

In 2009, the Hungarian parliament approved expansion of the Paks Nuclear Power Plant, the only working nuclear power plant in the country, built according to a Soviet project, by building two other power units. The value of the project was estimated at 12.5 billion euros. Moscow and Budapest signed an agreement on the provision of a long-term loan in an amount of up to 10 billion euros for the construction of the nuclear power plant in 2014.

In late August 2022, the Hungarian Atomic Energy Authority gave Rosatom permission to build Power Units 5 and 6 of the nuclear power plant. In May 2023, the European Commission approved amendments to the agreements on the construction and financing of the facility.

Rosatom head Alexei Likhachev told reporters earlier in August the company hoped to pour the first concrete in November 2025.