Nuclearelectrica plans to pursue €800 million in European Investment Bank financing for the refurbishment of Cernavoda unit 1, with the work intended to extend the reactor’s operating life to 2060. The company will seek shareholder approval for the EIB-backed funding. Shareholders are scheduled to consider the proposal at an extraordinary general meeting on October 29–30.
The financing package is expected to consist of two loans of €400 million each. Nuclearelectrica expects the first loan to be signed in 2026, while the second is targeted for early 2027. The EIB approved the financing in July, ahead of the planned shareholder vote.
Refurbishment timeline and return to service
The 700 MW reactor is set to undergo its main refurbishment over 2027–2030, including reactor retubing and other major works. Testing and commissioning would take place before the unit returns to service in 2030. Civil works began in 2025 and continued through 2026 alongside engineering, licensing, procurement and financing preparations.
Nuclearelectrica plans to combine internal resources with support from international financial institutions, export credit agencies and commercial banks. It previously secured a €540 million syndicated loan in September 2025 for the preliminary stage. JP Morgan SE leads the lender group for that syndicated facility.
Power supply implications during outage period
Following refurbishment, Cernavoda unit 1 is expected to provide about 9% of Romanian electricity between 2030 and 2060. The scheduled outage associated with the refurbishment period would require replacement supply for Romania during the overhaul.
Securing the EIB loans would be aimed at strengthening the funding structure for the project.
