French power and transport company Alston on Monday signed an agreement with a Russian company. They’re going to produce turbines and generators for Russian-built nuclear power plants, AP said.
Alstom said in a statement that it and Russia's Atomenergomash company would invest some EUR200 million (US$267 million) in the venture, which will be based at Podolsk, near Moscow.
Atomenergomash, a subsidiary of Russia's main equipment maker for the nuclear power industry, will hold a controlling, 51 percent stake.
In a statement, Alstom CEO Patrick Kron said the deal gives the company "privileged access to the burgeoning Russian market."
Russia has 31 reactors at 10 nuclear power plants, accounting for 16-17 percent of the country's electricity generation. President Vladimir Putin has called for raising the proportion of nuclear-generated power to at least 25 percent by 2030.
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