Romanian state and electricity producer Nuclearelectrica signed an agreement for the development of units 3 and 4 of nuclear power plant Cernavoda, which will allow the start of the activities on the Phase II of the project.
It includes the conclusion of the contracts for the development of the critical engineering, the updating of the project budget, the structuring and contracting of the financing and the agreement of an appropriate contractual architecture for the implementation of the project, the obtaining of the favourable opinion of the European Commission and a positive decision by the relevant European provisions on state aid, obtaining the Nuclear Safety Authorization for the next phase and making the final investment decision to proceed to Phase III – construction works.
By signing the support agreement, the Romanian state has committed itself to take the necessary steps to finance the NPP Cernavoda units 3 and 4 projects including through granting state guarantees to the financiers of the project, within the framework of any intergovernmental support agreements or memoranda or outside such agreements, implementing the Contracts for Difference (CfD) scheme and adopting administrative and/or legislative measures to ensure compliance with the technical criteria set out in the European Commission’s Complementary Delegated Act, the contribution in kind by the quantity of heavy water and uranium octoxide related to the first nuclear fuel load, cooling water for the operation of the two nuclear units and the completion of the electricity transmission lines necessary for connection to the national energy system and the discharge of the electricity produced in the two nuclear units.
