GE Hungary will construct the turbines of the country's Paks 2 nuclear power plant's for about $1 billion, Russian News Agency reported on Tuesday.
The U.S.-based General Electric's subsidiary GE Hungary won the bidding process for producing and installing Paks 2 nuclear power plant's turbines for $967 million (€793 million), according to Russia's state-run news agency, Ria Novosti.
Paks 2 nuclear power plant, located 100 km south of the capital Budapest, will be powered by two VVER-1200 and have a capacity of 2400 megawatts.
The cost of the total project will be around $15.27 and Russia will loan the credits worth 80 percent of the costs.
The construction works for the reactor site will start this year, reported Ria Novosti.
Hungary has four nuclear reactors which generated 16 terawatt-hours of country's power production of total 30 Terawatt-hours in 2015, according to the World Nuclear Association (WNA).
The plant is expected to be operational by 2026.
Russia's Rosatom is building Hungary's Paks 2 nuclear power plant. The company is also building Turkey's first nuclear power plant, Akkuyu, in the country's southern province of Mersin with a capacity of 4800 MW.
By Huseyin Erdogan & Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr