Agreement Sets Up Cernavoda 3 & 4 Development

Romanian nuclear power plant operator Nuclearelectrica said Wednesday that it had signed a preliminary investors agreement with China General Nuclear Power Corporation (CGN) for the development of two new units at the Cernavoda NPP.

Cernavoda NPPShareholders of SNN in the General Assembly of Shareholders approved the Investors’ Preliminary Agreement on April 10, 2019.

The agreement, also signed by CGN Central and Eastern Europe Investment (CEERI) establishes the a new company, JVCO, as the technical and operational platform for further development of the project. The deadline for setting up JVCO is 60 working days from the date of the agreement signing. 

CGN is to own 51 percent of the development company JVCO, while Nuclearelectrica,, majority owned by the energy ministry of Romania, will own 49 percent.

CGN and Nuclearelectica signed a memorandum of understanding that covered construction, operation and decommissioning of Cernavoca Units 3 and 4 in November 2015.

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