US Exim Bank announced the issuance of two Letters of Interest for the financing of US sourced pre-project technical services related to the project for the construction of two new units at Romania’s sole nuclear power plant Cernavoda, developed by state-owned plant’s operator Nuclearelectrica.
Based on the preliminary information submitted, the Bank would be able to consider financing up to 50 million dollars of the US export contract for pre -project engineering services as part of engineering multiplier program (EMP) and up to 3 billion dollars of the US export contract for engineering and project management services for the project for the construction of units 3 and 4.
Romania has a long and trustworthy partnership with the United States in the field of nuclear energy, concluded in October 2020. The US Exim Bank Letters of Intent follow the Memorandum of Understanding (MoU) signed in October 2020, in which the Bank expressed an interest to finance major energy investment projects in Romania, including the expansion of NPP Cernavoda, to a total value of 7 billion dollars.
The Letters of Interest reaffirm the US – Romania’s long-term partnership in the field of nuclear energy, supporting the development of units 3 and 4 on due time to reach Romania’s climate and energy security goals.
Approved in April 2021, the Strategy for continuing the CANDU units 3 and 4 project is being implemented in three stages, in accordance with the international experience in the construction of nuclear power plants.
Stage 1 (the current stage) started at the end of 2021 and represents the preparatory stage, which initiated by capitalizing and operationalizing the project company, Energonuclear. This stage will last up to 24 months, during which a set of engineering and safety documentation necessary for the project will be prepared in order to reach a preliminary investment decision.
Stage 2 of the project consists of performing preliminary works and estimated to last up to 30 months. This stage will consist of preparation of critical engineering for the definition of the project, contracting financing, obtaining the construction permit, reassessing the feasibility of the project based upon updated technical and economic indicators and adopting the final investment decision.
Stage 3 of the Project consists of site mobilization, start of the construction works, commissioning and start of the commercial operation of the unit 3 in 2030 and unit 4 in 2031.
