BUDAPEST, Hungary (AP) — Hungarian officials say Russia will build two new reactors in the southern city of Paks, the site of Hungary's only nuclear power plant.
Janos Lazar, head of the prime minister's office, said that Russia will also give Hungary a loan covering around 80 percent of the construction costs estimated at between 10 and 12 billion euros ($13.7-$16.4 billion).
Hungarian Prime Minister Viktor Orban and Russian President Vladimir Putin met Tuesday near Moscow, where an agreement on the project was signed. The Paks plant provides around 40 percent of Hungary's electricity needs. It was built in the 1970s using Soviet technology.
Lazar said the first new reactor is expected to start production in 2023 and the completed project will boost the plant's capacity to around 50 percent of Hungary's demand.