Nuclearelectrica requests approval for EIB financing
Romania’s Nuclearelectrica is seeking shareholder approval for two €400 million European Investment Bank loans to support the refurbishment of Cernavodă unit 1. The request moves a key financing package closer to signing as current nuclear outages highlight the cost of lost baseload generation.
Shareholders are expected to consider the two loan facilities at meetings scheduled for October 29-30. The European Investment Bank board has already approved the financing, but shareholder consent and final execution remain outstanding.
Loan timetable and refurbishment targets
The first €400 million loan is targeted for signing in 2026, while the second is expected in early 2027. The refurbishment programme aims to return the roughly 700 MW Cernavodă unit 1 to service in 2030. It also targets extending the unit’s operating life for another full cycle.
Shareholder approval would not complete the refurbishment programme, but it would remove another step toward securing the long-term financing required. The financing process has gained added significance because Romania is currently experiencing market impacts linked to weak nuclear availability.
Nuclear availability, imports and regional price signals
Both Cernavodă units have recently been absent from the regional generation balance, increasing Romania’s reliance on imports and thermal generation during evening peaks. This shift has contributed to spot prices repeatedly trading above €200/MWh. It has also increased dependence on Bulgarian supply.
The refurbishment therefore has a direct security-of-supply dimension. A prolonged extension of unit 1’s life would preserve a major source of low-carbon baseload electricity while Romania expands wind, solar, batteries and offshore gas production. For lenders, the project is described as a relatively predictable infrastructure asset compared with merchant renewable developments.
Romania’s present import dependence is making the value of keeping 700 MW of nuclear capacity available increasingly visible.
