Romania also pushing ahead with plans for two new large-scale units at site
The European Investment Bank (EIB) has approved €17.4bn ($19.8bn) in financing to strengthen Europe’s energy autonomy, including an €800m loan for the refurbishment and life extension of one of two reactors at Romania’s Cernavodă nuclear power station.
The EIB said the financing, which covers Unit 1, is for key component replacements and system upgrades, enabling a new cycle of reliable and safe operation.
It said Cernavodă, Romania’s only commercial nuclear power station, generates around 20% of the country’s electricity.
“The EIB Group is financing important projects for Europe’s security and autonomy, bringing affordable energy to households and businesses,” said EIB Group president Nadia Calviño.
“We are on track for another blockbuster year, with record investment in grids and interconnectors as well as flagship projects in key technologies for the clean transition.”
The EIB Group’s support for energy projects advances the electrification of the European economy, making it more resilient, inclusive and sustainable, a statement said.
Cernavodă-1 is a 650-MW Candu 6 pressurised heavy water reactor nuclear plant supplied by Canada. It began commercial operation in 1996. The identical Cernavodă-2 began commercial operation in 2007.
Romania is also in the planning stages for two new plants at the Cernavodă site, about 160 km east of the capital Bucharest in the east of the country.
In 2025, state nuclear operator Nuclearelectrica signed two financing agreements worth a combined €620m with a banking syndicate led by J.P. Morgan to advance the refurbishment of Cernavodă-1 and preparatory work for Cernavodă-3 and -4.
It also signed two agreements with subsidiaries of France’s EDF related to key projects for the Cernavodă-1 refurbishment.
In December 2024, Nuclearelectrica signed the main engineering, construction, and procurement contract to extend the life of Cernavodă-1 at a cost of about €1.9bn. The contract is with a consortium of four companies, comprising Canada’s AtkinsRealis, the Canadian Commercial Corporation, Korea Hydro & Nuclear Power (KHNP) and Italy’s Ansaldo Nucleare.
In September 2023, Canada announced €1.8bn in export financing to Nuclearelectrica towards the construction of the two new plants at Cernavodă.
