J.P. Morgan and other big romanian banks support Nuclearelectrica’s strategic projects with €620 million

Nuclearelectrica signed two financing agreements on Wednesday with a banking syndicate led by J.P. Morgan SE, totaling €620 million. The funds will support the refurbishment of Unit 1 at the Cernavodă Nuclear Power Plant and the development of Units 3 and 4.

Unit 1 Refurbishment

From the €540 million loan, funds will finance the preliminary phase of Unit 1’s refurbishment. The project is in its second execution stage, which includes essential activities for project preparation: activity planning, contracting engineering, design, procurement, and construction services, purchasing long-lead equipment, preparing the execution plan, and building the infrastructure. Additionally, necessary permits and funding sources are secured.

Recently, Nuclearelectrica began civil construction works for the refurbishment of Unit 1, marking an important step forward in the project.

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Units 3 and 4 Project

The €80 million loan will fund the LNTP (Limited Notice to Proceed) phase for Units 3 and 4. The financing will be contracted by Energonuclear S.A., the project company responsible for developing the units, and will be backed by a shareholder guarantee from Nuclearelectrica.

The LNTP phase aims to develop the engineering required to define the project, structure and contract the financing through precise cost estimates and implementation schedules, obtain the European Commission’s favorable opinion under Article 43 of the EURATOM Treaty, and make the final investment decision for the construction phase.

Partnership for Reliable Energy

“These two financing agreements signed today with the banking syndicate led by J.P. Morgan SE are part of our financing strategy and aim to advance, according to schedule, two of Nuclearelectrica’s strategic projects: the refurbishment of Unit 1 and the Units 3 and 4 project. Our goal is to deliver safe and available energy, on schedule, without delays or cost overruns. This partnership recognizes the robustness of both projects and reconfirms the complex role that nuclear energy will play in the long term, which I call trust, and I thank J.P. Morgan SE and the banking institutions for their professionalism and partnership,” said Cosmin Ghiţă, CEO of Nuclearelectrica.

This financing strengthens Nuclearelectrica’s strategy to ensure safe and sustainable energy, highlighting the importance of partnerships with international and local financial institutions.

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