Hungary's Foreign Minister Péter Szijjártó announced on Friday. The reactors are part of a 2014 deal between Moscow and Budapest aimed at expanding the existing Paks nuclear plant, Hungary's only operating nuclear power station.
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The Hungary Nuclear Energy Authority said that the permit issued this week will pave the way to add two new reactors to the four-reactor nuclear plant.

Located in central Hungary, the plant currently generates 40 percent of the country's electricity supply. The project is expected to cost $12.4 billion [HUF 5.121B, RUB 1.81B]. According to reports, Russia will finance most of the project with a $10 billion loan, while Hungary will pay for the rest.

The foreign minister expects the two new units to be operational by 2030.

"This will ensure the long-term security of Hungary's energy supply, protect the Hungarian people from extreme price fluctuations on the international [fuels] market, and maintain our efforts to reduce the cost of electricity," Szijjarto said.