Nuclearelectrica has secured two major financing agreements with a banking syndicate led by J.P. Morgan, providing crucial funding for Romania’s nuclear energy projects. The financing will support the refurbishment of Cernavoda Nuclear Power Plant’s Unit 1 and the preparatory phase for Units 3 and 4 construction, following shareholder approval.
The lending consortium includes Banca Comerciala Romana, Banca Transilvania, BRD Groupe Societe Generale, CEC Bank, Citibank Europe PLC Dublin – Romania Branch, ING Bank N.V. Amsterdam – Bucharest Branch, UniCredit Bank, and J.P. Morgan for Unit 1 refurbishment. A similar group will finance Units 3 and 4 via Energonuclear, the project company.
A €540 million loan is allocated for the second stage of Unit 1 refurbishment, covering engineering, design, procurement, contracting, acquisition of long-lead equipment, execution planning, infrastructure works, permitting, and funding. Civil construction has already begun.
An additional €80 million will finance the Limited Notice to Proceed stage for Units 3 and 4, supporting detailed project definition, cost and schedule planning, securing EURATOM approval, ensuring state aid compliance, and preparing for the final investment decision.
These agreements mark a key milestone in Romania’s nuclear strategy, strengthening long-term electricity generation stability and highlighting nuclear energy’s role in national energy security and decarbonization goals.
