He said Italy’s utility Enel and ArcelorMittal Romania, the country’s two remaining associates in the project, have the “natural option” to withdraw their investment during the reevaluation process.
“The Chinese party is doing due diligence on the entire project, which will be reassessed. The two private shareholders will have to decide whether they want to participate in EnergoNuclear (a joint venture set up for the construction of the two new reactors – e.n.),” Nita told a news conference.
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.
ArcelorMittal Romania and Enel own 9.15% and 6.2% in the project, respectively.
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.