Romanian nuclear operator Nuclearelectrica has received approval from the European Investment Bank for an €800 million loan to support the refurbishment and life extension of Unit 1 at the Cernavodă nuclear power plant. The financing is conditional on approval by Nuclearelectrica’s shareholders before the loan agreement can be finalised. It forms part of a broader funding package combining company resources with loans from international financial institutions, commercial banks and export-credit agencies.
Scope, technology and expected operating timeline
Unit 1 entered commercial operation in 1996 and uses Canadian-designed CANDU 6 technology. The refurbishment is intended to extend operation until approximately 2060. The project is designed to preserve a generating asset expected to supply around 9% of Romania’s annual electricity between 2030 and 2060.
The programme is in its second development phase, which includes permits, procurement of long-lead equipment, engineering and construction contracts, and completion of the financing structure. Preliminary works began in 2025 and are continuing during 2026. The main implementation period is planned for 2027–2030.
Planned outage and system impact
During the refurbishment, Unit 1 will be removed from service while contractors replace pressure tubes and carry out extensive reactor, turbine, electrical and balance-of-plant works. Testing and commissioning will follow before commercial operation resumes in 2030. The outage is expected to temporarily remove around 700 MW of baseload capacity from the Romanian system.
Managing that capacity gap will require additional renewable generation, imports, storage and flexible thermal production as electricity demand is expected to increase. Cernavodă is Romania’s only nuclear plant, with two operating units each with approximately 700 MW. Together, the units normally produce close to 20% of national electricity.
Financing structure and EU state-aid review
Nuclearelectrica has already signed a €540 million financing agreement with a bank syndicate led by JPMorgan SE for preparatory activities. In combination with the prospective EIB loan, this provides greater visibility over funding. Construction and contingency risk allocation remains critical to the overall package.
The European Commission is conducting an in-depth review of planned public support under EU state-aid rules. The financing structure must show that state involvement is proportionate and compatible with the internal market. That review, alongside construction execution and outage control, remains central to the project’s risk profile .
