Paks II Nuclear Power Plant

under construction

The Paks II project involves the construction of two generation 3+ WWER-1200 nuclear reactors in Hungary to replace older units nearing the end of their service life. The project has been conducted by the Russian nuclear energy company Rosatom since 2014 under an intergovernmental agreement between Budapest and Moscow. Financing largely depends on a €10 billion state loan from Russia, covering around 80% of construction costs. The US Department of the Treasury issued a general licence allowing Hungary to carry out financial transactions with Russian banks involved in the project, easing sanctions on Russia.