Thus, state-run nuclear power company Nuclearelectrica remains sole shareholder in the project.
Enel and ArcelorMittal, the two remaining associates in EnergoNuclear, a joint venture that is supposed to build the new reactors, own 9.15% and 6.2% in the project, respectively. Nuclearelectrica is obliged to buy the two companies’ stakes in EnergoNuclear within 30 days from receiving notifications, at a price equal to 80% of the face value of shares.
Nuclearelectrica said it will move on with the project through EnergoNuclear, arguing it is in talks currently to attract a majority shareholder in the project.
Romania’s nuclear power project in Cernavoda, valued at over EUR6 billion, was initially scheduled to kick off in 2010, but was sidetracked due to lack of funds after four of the initial six investors withdrew, citing economic and market uncertainties.
The state plans to cut its stake in EnergoNuclear to around 40% from roughly 85% presently and wants to attract new investors in the project, possibly from China.
Cernavoda currently operates two reactors of 700 megawatts power each and covers around 18% of Romania’s electricity production. The two new reactors are expected to double the plant’s capacity.