Romania's Nuclearelectrica secures EUR 620 mln loans to refurbish and expand Cernavoda nuclear plant

Romania's nuclear power producer Nuclearelectrica (BVB: SNN) signed two financing agreements worth EUR 620 million with a banking syndicate led by JP Morgan SE for major projects at the Cernavoda nuclear plant, the company announced in a press release.

The largest facility, a EUR 540 million loan, will fund the preliminary phase of the refurbishment of Unit 1, which is currently in its second stage of execution. The financing will support planning, contracting, engineering, and construction services, procurement of equipment, and securing necessary permits.

A second loan of EUR 80 million will be allocated to Energonuclear, the project company responsible for Units 3 and 4, to cover the Limited Notice to Proceed (LNTP) phase. Backed by Nuclearelectrica guarantees, this stage includes developing engineering, structuring financing, obtaining European Commission approval, and adopting the final investment decision.

The syndicate of lenders includes Banca Comercială Română, Banca Transilvania, BRD Groupe Société Générale, CEC Bank, Citibank, ING Bank, UniCredit Bank, and JP Morgan SE.

Nuclearelectrica said the projects are central to strengthening Romania's energy security. Once operational, the two new CANDU reactors and the extended lifespan of Unit 1 are expected to provide around 66% of Romania's CO2-free electricity production.

(Photo source: Nuclearelectrica)