Bulgaria’s state electricity utility NETC said yesterday it was seeking to borrow EURO250 million to launch the construction of a new 2,000-megawatt nuclear power plant.
Bulgaria has contracted Russia’s Atomstroyexport to build the EURO4 billion plant in the Danube river town of Belene in an attempt to hold onto its position as a leading power exporter in southeastern Europe.
“The credit is needed to finance the project’s design, the supply of equipment and the construction works in the first year of its implementation,” NETC said in a statement.
Atomstroyexport has said it would be ready to launch work on the plant this year and expected it to be operational by 2013.
NETC has said it plans to seek financing for the big project through the export agencies of the chosen builders – Russia, France and Germany – and from leading global investment banks, Europe’s Euratom and the European Investment Bank.
Bulgaria plans to keep 51 percent in the new plant and seek a strategic investor for the remaining shares.
(Reuters)