India’s Nuclear Power Plans to Borrow 3 Billion Euros

Nuclear Power Corp. of India plans to raise 3 billion euros ($4 billion) in overseas debt to fund a project to be built in partnership with Areva SA, the world’s biggest maker of atomic reactors.

The project with Areva, to be built at Jaitapur in western India, will be India’s first large-capacity plant using overseas equipment after a three-decade global nuclear-trade ban was lifted last year. India plans to add 60,000 megawatts of nuclear capacity by 2032 from the current 4,120 megawatts as it seeks to end shortages of as much as 18 percent of demand.
The company plans to invest as much as $1.2 billion buying equity in overseas uranium mines and is looking for long-term supply contracts with countries including Kazakhstan and Canada, he said.

“We want to insulate all future programs from any possibility of starvation on account of fuel,” Jain said. “We want to maintain a big inventory so that any disruption won’t result in wastage of the huge investments we plan to make building nuclear capacity.”

Bloomberg