Nuclear Power Plant Belene Update

Nuclear Power Plant Belene Update

In June 2018, the Bulgarian Parliament adopted a decision to reopen the search of options for building the NPP Belene. The Bulgarian state-owned energy incumbent, National Electric Company EAD issued an invitation for the selection of a strategic co-investor for the construction of Belene NPP. The invitation also gave an opportunity to declare an interest in acquiring minority participation in the future project company, and/or in purchasing electricity from the future power plant. The Ministry of Energy noted that Belene NPP’s project is to be financially independent and commercially viable. Bulgaria will participate in the project company via a non-monetary contribution which includes the land plot of NPP Belene’s site and the equipment available on the site, together with issued decisions, permits, licenses and any other documents related to the implementation of the project. The procedure is expected to be completed by the end of May 2020.

After the expiration of the deadline for expression of interest, it was revealed that seven companies have submitted applications to become a strategic investor – Russian State Corporation Rosatom through the company Atomenergoprom; China National Nuclear Corporation; Korea Hydro Nuclear Power Corporation; Bektron-Liaz Technical Engineering – a company registered in Germany; Belene NPP and Nuclear Power Plant Belene 2019 consortiums, IPK and UP EOOD – a company registered in Bulgaria. French company Framatom has declared interest in taking part in structuring the financing of the project for providing safety systems, including electrical, equipment and control systems and other. US General Electric has declared interest in structuring the financing and in being a potential designer and a supplier of different equipment, including turbine equipment, compressors, transformers and other.

The Ministry is currently analysing the seven strategic investment proposals and evaluating which of the investors are to be shortlisted. It is expected that the names will be announced by the end of November 2019. Unofficially, circulated names of shortlisted candidates include Atomenoergoprom, China National Nuclear Corporation and Korea Hydro Nuclear Power Corporation. Once the shortlisted companies are officially announced, they will be invited to enter into a Non-Disclosure Agreement in order to perform due diligence and submit their binding offers.

In June 2018, the Bulgarian Parliament adopted a decision to reopen the search of options for building the NPP Belene. The Bulgarian state-owned energy incumbent, National Electric Company EAD issued an invitation for the selection of a strategic co-investor for the construction of Belene NPP. The invitation also gave an opportunity to declare an interest in acquiring minority participation in the future project company, and/or in purchasing electricity from the future power plant. The Ministry of Energy noted that Belene NPP’s project is to be financially independent and commercially viable. Bulgaria will participate in the project company via a non-monetary contribution which includes the land plot of NPP Belene’s site and the equipment available on the site, together with issued decisions, permits, licenses and any other documents related to the implementation of the project. The procedure is expected to be completed by the end of May 2020.

After the expiration of the deadline for expression of interest, it was revealed that seven companies have submitted applications to become a strategic investor – Russian State Corporation Rosatom through the company Atomenergoprom; China National Nuclear Corporation; Korea Hydro Nuclear Power Corporation; Bektron-Liaz Technical Engineering – a company registered in Germany; Belene NPP and Nuclear Power Plant Belene 2019 consortiums, IPK and UP EOOD – a company registered in Bulgaria. French company Framatom has declared interest in taking part in structuring the financing of the project for providing safety systems, including electrical, equipment and control systems and other. US General Electric has declared interest in structuring the financing and in being a potential designer and a supplier of different equipment, including turbine equipment, compressors, transformers and other.

The Ministry is currently analysing the seven strategic investment proposals and evaluating which of the investors are to be shortlisted. It is expected that the names will be announced by the end of November 2019. Unofficially, circulated names of shortlisted candidates include Atomenoergoprom, China National Nuclear Corporation and Korea Hydro Nuclear Power Corporation. Once the shortlisted companies are officially announced, they will be invited to enter into a Non-Disclosure Agreement in order to perform due diligence and submit their binding offers.