Bulgaria’s government to ask funding from EIB for NPP Belene

Bulgarian government will contact the EIB in an effort to ensure funding sources for the construction of the Belene nuclear power plant (NPP), Energy Minister Temenuzhka Petkova said, quoted by local media. EIB has signaled that it was ready to consider financing for the project in case of official application from the Bulgarian side although it has never financed nuclear power plants before, she said. Petkova announced that the cabinet has to come up with the best solution for using the NPP equipment since the state has already paid BGN3bn for it. Petkova said that the government wants to ensure the funding and structuring of the NPP project in order to secure its future exploitation based on market principles. The total cost of the NPP Belene construction is estimated at approximately BGN20bn.

Petkova mentioned that China’s biggest state-owned energy company China National Nuclear Corporation has been interested in investing in the project. Recently, Bulgaria’s PM Boyko Borissov also suggested that NPP Belene could become a joint project of the Balkan countries, although we do not think this is feasible in view of the necessity to share the risk and management of the power plant.

The Energy Ministry has to propose a concrete action plan on the NPP Belene project by end-June and to present it to the parliament.

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