15.01.2024, 13:03
Russia has postponed India's payment of the Kudankulam nuclear power plant debt
Source: OREANDA-NEWS
OREANDA-NEWS Russia has postponed the payment of India's debt as part of the construction of the Kudankulam NPP, the parties signed a corresponding protocol, which is published on the official portal of legal information.
According to this protocol, the interest accrued under the intergovernmental agreement on the construction of the Kudankulam NPP and payable on March 31, 2022 and June 30, 2022 in the total amount of $4.06 million, as well as the principal debt and capitalized interest in the total amount of $ 50.3 million, payable on June 30, 2022, will be deferred.
These amounts must be paid by the Government of India no later than 60 calendar days from December 26, 2023, when the protocol was signed. At the same time, it is clarified that the document is temporarily applied from the date following the date of signing, enters into force from the date of receipt of the last written notification on the fulfillment by the parties of the internal procedures necessary for its entry into force, and is valid until the parties fully fulfill all obligations under the protocol and the intergovernmental agreement on the Kudankulam NPP. The date of termination of the protocol is determined by notifications through diplomatic channels.
Russia is one of India's key partners in the peaceful use of nuclear energy. In accordance with the intergovernmental agreement of 1988 and its addendum of 1998, Russia is constructing the Kudankulam nuclear power plant with VVER-1000 reactors in India in Tamil Nadu.
Unit No. 1 of the station began generating electricity in 2013, and in the summer of 2016 it was finally transferred to the customer. Unit No. 2 of the station was connected to the national grid of India for the first time in August 2016, and at the end of March 2017 it was put into warranty operation. The second and third stages of the station are also being built with VVER-1000 reactor installations.
According to this protocol, the interest accrued under the intergovernmental agreement on the construction of the Kudankulam NPP and payable on March 31, 2022 and June 30, 2022 in the total amount of $4.06 million, as well as the principal debt and capitalized interest in the total amount of $ 50.3 million, payable on June 30, 2022, will be deferred.
These amounts must be paid by the Government of India no later than 60 calendar days from December 26, 2023, when the protocol was signed. At the same time, it is clarified that the document is temporarily applied from the date following the date of signing, enters into force from the date of receipt of the last written notification on the fulfillment by the parties of the internal procedures necessary for its entry into force, and is valid until the parties fully fulfill all obligations under the protocol and the intergovernmental agreement on the Kudankulam NPP. The date of termination of the protocol is determined by notifications through diplomatic channels.
Russia is one of India's key partners in the peaceful use of nuclear energy. In accordance with the intergovernmental agreement of 1988 and its addendum of 1998, Russia is constructing the Kudankulam nuclear power plant with VVER-1000 reactors in India in Tamil Nadu.
Unit No. 1 of the station began generating electricity in 2013, and in the summer of 2016 it was finally transferred to the customer. Unit No. 2 of the station was connected to the national grid of India for the first time in August 2016, and at the end of March 2017 it was put into warranty operation. The second and third stages of the station are also being built with VVER-1000 reactor installations.
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