Russian nuclear contractor AtomStroyexport (ASE) has received a RUB7bn (US$103mn) loan from VTB Bank, covered by the country’s export credit agency (ECA), Exiar, to build a power plant in India.

The deal will allow ASE to fulfil a contract to build the Kudankulam nuclear power plant in India, and is part of a special insurance programme by Exiar for large machine builders.

Exiar’s support provided the firm with attractive credit terms on VTB’s export financing tools. According to the ECA, the deal highlights the importance of the nuclear energy industry for Russia, and creates the opportunity to use Exiar-backed advanced financial solutions for VTB’s clients.

Exiar CEO Alexey Tyupanov says: “[Exiar] continues to support large Russian companies. VTB Bank has been a longstanding and reliable partner. Together, we’ve performed a variety of important projects to support Russian exporters and made possible Russian projects abroad.”

ASE is the largest contractor in Russia’s nuclear sector.