US will finance USD 8 bln project for expanding Romania’s Cernavoda nuclear power plant

The US will finance the refurbishing of the first reactor at Romania’s Cernavoda nuclear power plant and the construction of units 3 and 4. Romania’s economy minister Virgil Popescu will sign two agreements with US officials for this project, US ambassador to Romania Adrian Zuckerman announced on Thursday, October 8.

“Tomorrow, Minister Popescu will meet with Department of Energy Secretary Brouillette to initial an Intergovernmental Cooperation Agreement for the refurbishment of one nuclear reactor and the building of two new reactors at the Cernavoda nuclear facility in Romania. This USD 8 billion project will be a paradigm for future Romanian- American economic and energy development projects,” Zuckerman said in a video address at the Aspen Institute’s Bucharest Forum.

“Later in the day, Minister Popescu will meet with the President and Chairwoman of Exim Bank, Kimberley Reed, to execute a memorandum of understanding for the financing of the Cernavoda nuclear project and other projects in Romania. The financing package is the largest financing package ever received by Romania to date and is indicative of the confidence that the United States has in its longstanding partner and Ally. The United States – Romania bilateral relationship has never been stronger,” the US ambassador added.

He accompanied Romania’s defense minister Nicolae Ciuca and economy minister Virgil Popescu in their official visit to Washington, D.C., aimed at further strengthening the bilateral bonds between our two countries.

Defense minister Ciuca met with the US Secretary of Defense Esper on Thursday to sign a bilateral Roadmap for Defense Cooperation Agreement for the years 2020 to 2030. “This strategic defense agreement will further confirm the United States’ commitment to assist Romania defend itself against malign foreign powers and preserve its border integrity,” Zuckerman said.

In August 2019, Romania’s president Klaus Iohannis had a meeting with US president Donald Trump in Washington in which they discussed military cooperation and energy security. Shortly after that, US and Romania signed a Memorandum of Understanding (MoU) to cooperate on civil nuclear energy. The agreement was signed by US Secretary of Energy Rick Perry and Romanian former PM Viorica Dancila on September 24 during the United Nations Climate Action Summit in New York. After this, Romania ended its agreement with China General Nuclear Power Corporation for developing the third and fourth units of the Cernavoda nuclear power plant.

Romania and the US also have a Memorandum of Understanding for the development of 5G technology that sets transparency criteria for the providers that will be selected to develop 5G networks. The US has been advocating strongly against the use of Chinese technology for developing 5G networks.