Nuclearelectrica is also the sole owner of EnergoNuclear, the company initially in charge of the project.
“In the first stage, the new project company will be established exclusively with cash contributions from Nuclearelectrica and the selected private investor, corresponding to a quota of 49% and 51%, respectively,” Nuclearelectrica said in its Strategy for the continuation of the Cernavoda project.
The strategy is subject to shareholders approval at a meeting due August 22.
Nuclearelectrica’s initial contribution to the new joint venture will be EUR2 million. The company’s investment in EnergoNuclear will also be transferred to the newly established venture.
Romania’s nuclear power project in Cernavoda, valued at over EUR6 billion, was 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 country’s remaining two partners, Italian utility Enel and ArcelorMittal Romania, withdrew from the project in late 2013.
Cernavoda currently operates two reactors of 700 megawatts power each and covers around 20% of Romania’s electricity production. The two new reactors are expected to double the plant’s capacity.
Romanian Vice-Premier Liviu Dragnea said recently that the Industrial and Commercial Bank of China has agreed to partly finance the project, which could be developed in partnership with China General Nuclear Power Group.
The Chinese company and Nuclearelectrica last year signed a letter on intent for investment in and development of two additional nuclear units at the Cernavoda site.