While the West hems and haws over nuclear power, much of the world is getting on with it as a form of steady low carbon energy. The latest example: Russia’s VTB Bank has offered a $1 billion loan to help build Vietnam’s first ever nuclear reactors.
VTB would provide the funds to Rosatom, Russia’s state-owned nuclear corporation which is scheduled to start construction in 2014, Russian news agency RIA Novosti reports.
“We are ready to support Rosenergoatom (part of Rosatom), which is taking part in the construction there,” said VTB management board member Valery Lukyanenko. “We said a week ago we are ready to allocate around $1 billion.”
The plant in the Ninh Thuan coastal province will draw cooling water from the South China Sea.
Rosatom expects to start construction in 2014 of two 1.2 gigawatt reactors using the Russian VVER design, which is a conventional solid uranium-fueled, water-cooled technology. The World Nuclear Association (WNA) says that Rosatom’s Atomstroyexport division will oversee the project.
The Ninh Thuan nuclear power plant in southern Vietnam would cost a total of $10 billion and start operations in 2020, RIA says. It would be followed by other VVERs and by several Japanese-built reactors, according to the WNA. The country would then have a total of 15 gigawatts of nuclear capacity by 2030, the RIA article states.