Bulgaria has entered into a major financing agreement with U.S. banking giant Citi to support the construction of units 7 and 8 at the Kozloduy nuclear power plant. The Bulgarian Ministry of Energy has described the deal as a critical milestone in the nation’s most ambitious energy project in decades.
Energy Minister Zhecho Stankov led the Bulgarian delegation during the final negotiations with Citi executives in New York. Following a detailed evaluation of the technical proposal, Citi and Kozloduy NPP – New Builds agreed that the bank will provide the export credit facility needed to construct the new reactors at the existing plant location.
These new units will be the first in Europe to utilize Westinghouse’s AP1000 reactor technology. The agreement is seen as a significant step toward enhancing Bulgaria’s long-term energy independence and strengthening the resilience of its energy system. The project’s financing model also aligns with the Bulgarian Government’s strategy to diversify the national energy mix while meeting both security and climate objectives.
Petyo Ivanov, CEO of Kozloduy NPP – New Builds, emphasized Citi’s financial expertise and global network as essential to securing a stable funding structure that will ensure safe, reliable, and affordable electricity for future generations. Citi, acting as the exclusive coordinator and arranger of the financing facility, is undertaking its largest nuclear financing initiative in Central and Eastern Europe.
Stephanie von Friedeburg, Citi’s Global Head of Public Sector Banking, reaffirmed the bank’s commitment to supporting low-carbon energy solutions. She highlighted the Kozloduy expansion as one of the region’s first major low-carbon energy transactions and a key project that will help shape both Bulgaria’s and Europe’s energy future.
