Italian utility Enel SpA (ENEL.MI) and Russia 's state-controlled Inter RAO UES (IRAO.RS) Monday agreed to together build a nuclear power plant in the Russian region of Kaliningrad , among other projects.

With two units of 1,170 megawatts each, the plant will export a "significant proportion" of the electricity it produces to nearby European markets when it comes into operation between 2016 and 2018, a statement said, adding that it is "the first nuclear public-private partnership in Russia."

At 1114 GMT, Enel shares were up 0.48% at EUR4.15 in Milan , while Inter ROA shares were down 1.0% at 0.0596 rubles in Moscow .

The companies' memorandum of understanding was signed by Enel Chief Executive Fulvio Conti and Inter RAO's Boris Kovalchuk during an official visit by Russian Prime Minister Vladimir Putin to Italy , where he met with Italian Prime Minister Silvio Berlusconi.

Kovalchuk is the acting chairman of Inter RAO's management committee.

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