Loan agreements to fund Unit 1 refurbishment and preparatory work for Units 3 and 4
Romania’s state-owned nuclear operator Nuclearelectrica has signed two financing agreements worth a combined €620m ($725m) with a banking syndicate* led by J.P. Morgan SE to advance the refurbishment of the Cernavoda-1 nuclear plant and preparatory work for the Cernavoda-3 and -4 new-build project.
The company said €540m will fund the second phase of Unit 1’s refurbishment programme, including procurement of long-lead equipment, engineering, design and permitting.
Work on the refurbishment project began earlier this month
Another €80m will support limited notice to proceed activities for Units 3 and 4, to be developed by Nuclearelectrica’s project company Energonuclear.
This phase includes engineering to define the project, structuring of financing, preparation of cost estimates and schedules, and obtaining European Commission and state aid approvals before a final investment decision.
Nuclearelectrica chief executive Cosmin Ghita said the agreements ensure both projects remain on schedule and reflect the trust of international lenders in Romania’s nuclear strategy.
Cernavoda, which is Romania’s only commercial nuclear station, has two 650-MW Canada-designed Candu-6 plants that began commercial operation in 1996 and 2007.
The plants provide about a fifth of Romania’s electricity generation, according to International Atomic Energy Agency data.
The refurbishment of Cernavoda-1 will extend its operation by 30 years, while the completion of Units 3 and 4 would add about a further 1,400 MW of capacity.
In December 2024, Nuclearelectrica signed the main engineering, construction, and procurement contract to extend the life of Cernavoda-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 Cernavoda-3 and 4.
* The syndicate includes (in alphabetical order): Banca Comerciala Romana SA, Banca Transilvania S.A., BRD Groupe Societe Generale SA, CEC Bank S.A., Citibank Europe PLC, Dublin Romania Branch, ING Bank N.V. Amsterdam, UniCredit Bank SA, and J.P. Morgan SE headquartered in Germany for the financing of Unit 1 Refurbishment Project; Banca Transilvania S.A., BRD Groupe Societe Generale SA, CEC Bank S.A., ING Bank N.V. Amsterdam, UniCredit Bank SA, and J.P. Morgan SE headquartered in Germany for the financing of Units 3 and 4 project.
