The European Investment Bank (EIB) has approved an EUR 800 million loan for the refurbishment of Unit 1 at Romania's Cernavodă nuclear power plant, providing a major financing boost for one of the country's largest strategic energy projects, state-owned nuclear producer Nuclearelectrica (BVB: SNN) announced on July 16.

The total cost of the rehabilitation is around EUR 1.9 billion, and the preliminary phase of the project was already financed through a EUR 540 million loan signed in September 2025 with a banking syndicate led by JP Morgan SE.

The financing was approved by the EIB's Board on July 15 and will require approval by Nuclearelectrica's shareholders before the company can sign the loan agreement.

The project aims to extend the operating life of Unit 1 by another 30 years, allowing it to continue generating around 9% of Romania's electricity supply between 2030 and 2060.

The EIB financing forms part of a broader funding strategy combining Nuclearelectrica's own resources with loans and guarantees from international financial institutions, export credit agencies, and commercial banks.

Nuclearelectrica said the refurbishment project is currently in its second implementation phase, which includes obtaining permits, contracting engineering and construction services, procuring equipment, and securing the remaining financing. Civil construction works began in 2025 and have continued this year.

The third and final phase is scheduled for 2027-2030, when Unit 1 will be shut down to undergo extensive refurbishment, including replacement of the reactor pressure tubes. Commercial operation is expected to resume in 2030 following testing and commissioning.

iulian@romania-insider.com

(Photo source: Nuclearelectrica)