France’s Alstom joins with Russian Atomenergomash to create EUR200 million nuclear power

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.