Russia’s atomic energy agency RosAtom announced Thursday plans to build the world’s first floating nuclear power plant.

A spokesperson for RosAtom told the Itar-Tass news agency a low-power plant with an electrical capacity of 70 megawatts and heat capacity of 140 gigacalories may be constructed in the Russian northwestern town of Severodvinsk within five years.

The project’s estimated cost is $180 million, and $30 million has already been spent on the planning stage.

The plant will be able to provide a town of 50,000 people with heat and electrical energy or can be used to desalinate seawater

China, Indonesia and a number of Middle Eastern and Mediterranean countries have reportedly expressed interest in the project.