The $30 billion project is anticipated to be finished by 2028 and is being led by Rosatom.
El Dabaa nuclear power station construction has started, according to a press release issued by the Russian state-owned Rosatom on Wednesday.
At a ceremony kicking off the construction, Rosatom CEO Alexey Likhachyov remarked, "With the commencement of construction on the El Dabaa power plant's first reactor, Egypt is now joining the club of the world's nuclear energy generating nations."
El Dabaa, which will be Egypt's first nuclear power station and Rosatom's first significant project in Africa, will be situated on Egypt's northern shore around 130 kilometers northwest of Cairo. The facility will have four VVER-1200 reactors with a combined nameplate capacity of 4,800 megawatts when it is finished in 2028.
Moscow and Cairo jointly fund the construction, with the Russian government contributing a state loan for 85% of the $30 billion price tag. Egypt will pay for the remaining expenses using funds provided by private investors.
According to the provisions of the agreements reached between the two nations, Rosatom will also be responsible for providing nuclear fuel for the plant for the full 60 years of its intended lifespan as well as maintenance and repairs for ten years following the start-up of each reactor.
The business will also offer personnel training. The first class of potential El Dabaa employees began their training in September 2021 at the Saint-Petersburg location of the company's Technical Academy. In total, Rosatom anticipates educating 1,700 personnel for the plant at its academy and its training center in Egypt.
Rosatom has not been the focus of any of the sanctions imposed on Russia since the beginning of its military campaign in Ukraine on February 24. Rosatom is involved in several significant international initiatives, such as the ITER initiative to achieve practical nuclear fusion.
The corporation did, however, witness the cancellation of its power plant building agreement with the Finnish organization Fennovoima in May, a decision that the latter explained as unavoidable owing to dangers related to the conflict.