Big Milestone for Cernavoda Nuclear Power Plant: Over EUR 6bn Funding for Units 3 and 4

The United States, Canada and Italy will finance the project to build units 3 and 4 of the Cernavoda nuclear power plant. The Romanian State has undertaken, through the Ministry of Finance, to guarantee 100% of the loans to be contracted for the construction of the mentioned objectives.

The international consortium that will carry out the investment is made up of world-renowned companies: Fluor and Sargent & Lundy of the United States, Atkins Realis of Canada, owner of the CANDU technology, and Ansaldo of Italy. Financing of the project is also supported by the participating countries through their import-export banks: USEXIM (USD 3 billion), Canada (CAD 2 billion, agreement signed in Ottawa) and Italy (EUR 2 billion, agreement signed in February 2024). The Romanian state is also committed to support this strategic project with all necessary resources.

“I hope you are used to the good news from the Ministry of Energy. It surpasses them all and is certainly the greatest achievement of my mandate as energy minister: the dream of units 3 and 4 at Cernavoda is becoming a reality after decades of waiting. Over the past months, complex negotiations have been taking place between EnergoNuclear, the project company, and the international consortium selected to carry out the investment. The Board of Directors of Nuclearelectrica unanimously voted unanimously on the next step, and the ministry has asked to supplement the agenda for the Nuclearelectrica GMS on November 14 with the approval of the contract for the construction of units 3 and 4, which will be signed in a special framework at COP 29 in Baku,” Energy Minister Sebastian Burduja said.

“Investment in reactors 3 and 4 has been stalled for decades. We are thus succeeding in putting the project on a road of no return, with serious partners, with a technology already validated by the operation of units 1 and 2, which were and are among the most efficient nuclear reactors in the world. The Romanian civil nuclear program is going ahead, and it is Romania’s chance to have safe, affordable and CO2-free energy. Lower bills for Romanians, competitiveness for Romanian companies, jobs and development. There’s nothing like the satisfaction of getting things done. The project of units 3 and 4 at Cernavoda is the most important project for the national energy system – and it was the hardest in my team’s entire mandate. I congratulate all those who contributed to this success and thank them for their tireless work,” the Energy Minister added.

For the Extraordinary General Meeting of SNN on November 4, the Ministry of Energy, as the majority shareholder, has requested the following items, among others, to be added to the agenda:

• Approval of the outcome of the negotiations on the award of the contract for Engineering and Project Management Services (EPCM Contract) for the Project Units 3 and 4 of Cernavoda NPP, respectively some aspects of commercial opportunity.
• Approval of the EPCM Contract (Engineering, Procurement and Construction Management) for Units 3 and 4 of Cernavoda NPP, between EnergoNuclear S.A. and the FCSA Association formed by Fluor B.V., Fluor Energy Transition Inc. Wilmington Bucharest Branch, Candu Energy Inc., Ansaldo Nucleare S.p.A., S & L Engineers, Ltd. and Sargent & Lundy Energie S.R.L.
• Approval of the mandate of the General Manager of EnergoNuclear S.A. to sign, in the name and on behalf of EnergoNuclear S.A., the EPCM (Engineering, Procurement and Construction Management) Contract regarding Units 3 and 4 Cernavodă NPP, between EnergoNuclear S.A. and the FCSA Association formed by Fluor B.V., Fluor Energy Transition Inc. Wilmington Bucharest Branch, Candu Energy Inc., Ansaldo Nucleare S.p.A., S & L Engineers, Ltd. and Sargent & Lundy Energie S.R.L.
• Approval of the Investment Decision I and the transition to Phase II – Preliminary Works related to the Project Units 3 and 4 Cernavoda NPP.

The investment in the new reactors at Cernavoda marks a new stage in the international cooperation of the Romanian civil nuclear program, with the direct involvement of strategic partners from the United States, Canada and Italy. This partnership provides the necessary technical expertise and financial resources essential for the success of the project. It lays the foundations for a modern energy system capable of meeting the climate and economic challenges of the future.

In July this year, Nuclearelectrica announced the adoption of the positive opinion of the European Commission on the project of Units 3 and 4 at Cernavoda NPP, on the basis of Article 41 of the Euratom Treaty. The project is managed by the project company EnergoNuclear, wholly owned by Societatea Nationala Nuclearelectrica SA (SNN).

The viewpoint submitted on July 1, 2024, reflects the assessment by the European Commission – Directorate General for Energy, of the technical and nuclear safety aspects of the project. Under the Euratom Treaty, nuclear project developers are required to notify the European Commission of planned investments and to demonstrate compliance with the highest nuclear safety standards. EnergoNuclear notified the Commission about the Units 3 and 4 project in May 2023.

The opinion received is the result of an elaborate analysis of the information provided by the Romanian side, site visits to the Cernavoda NPP site and technical discussions over a period of 13 months. The Commission’s assessment is that the project to complete the construction of Units 3 and 4 at Cernavodă NPP is in line with the objectives of the Euratom Treaty.

The Romanian Ministry of Energy reaffirms its commitment to the implementation of strategic investment projects and to ensuring a balanced energy mix, in which nuclear energy plays a key role in achieving decarbonization objectives and ensuring the country’s energy independence.