Exim Bank US commits USD 3 bln financing for Romania’s nuke plant expansion

Exim Bank US, the export credit agency of the United States, announced on November 9 the issuance of letters of interest regarding potential financing totalling over USD 3 bln for the expansion project (two new reactors) at Romania’s sole nuclear plant Cernavoda (Cernavoda NPP), operated by Nuclearelectrica (BVB: SNN).

Under the project, two new reactors of 700MW net each would be completed by 2030 and 2031, respectively.

Romania’s strategy of becoming energy self-sufficient relies on renewable and nuclear resources, president Klaus Iohannis, attending the ceremony, stated, News.ro reported. He mentioned the small nuclear reactors (SNR) developed by the US in Romania and the agreement between Romania and the US for the expansion of Cernavoda NPP.

The financing letters are for amounts of USD 50 mln and USD 3 bln, respectively, the head of Exim Bank US, Reta Jo Lewis, announced at the official letter-handing ceremony held in Egypt on the occasion of the UN Climate Change Conference.

Based on the preliminary information submitted, the USD 50 mln loan is for pre-project engineering services as part of the engineering multiplier program (EMP), and the USD 3 bln is for engineering and project management services for Units 3 and 4 Cernavoda NPP Completion Contract.

Based on the ROMATOM study on the capability of the Romanian nuclear industry to participate in the development of the Romanian nuclear program, it is estimated that the local companies can contribute works and equipment worth EUR 1-1.6 bln to the project, which would represent between 25% to 40% of the total value of the expansion project.

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