By Jerom Bolt
The Nuclearelectrica (SNN) shareholders approved in the extraordinary general meeting yesterday the signing of an Investors Agreement, in preliminary form, on the construction of Units 3 and 4 in Cernavoda. Understanding concerns China General Nuclear Power Corporation (CGN)/ CGN Central and Eastern Europe Investment and Nuclearelectrica, according to a report by the issuer to the Bucharest Stock Exchange (BVB).
The Preliminary Investors Agreement provides for the setting-up of a joint venture, a limited-liability joint venture, to be the only technical and operational platform for the development of the two reactors. At the start, the project company will have a share capital of 0.9 million lei, with a capital increase amounting to a maximum of 4.08 million euros, the participation shares being the following: 51% CGN, respectively 49% SNN.
The cut-off date for setting up the new company is 60 days after signing the agreement.
At the same time, SNN shareholders also approved the mandate of the Nuclearelectrica Board of Directors to initiate and carry out the necessary steps to finalize the founding act of the project company under the conditions stipulated in the Investors Agreement, the mandate granted to CA may be transmitted to the executive management, The founding member of the joint venture is subject to further approval by the shareholders.
Last November, Cosmin Ghiţă, Nuclearelectrica’s General Manager, said the nuclear power producer was in the final stage of the China Nuclear Power Memorandum to build reactors 3 and 4 in Cernavoda, namely the negotiation of the Constitutive Act and the Investors Agreement.
At the same time, he stated in another press statement: “The Unit 3 and 4 project is strategic for Romania, in the long run, its necessity being evident beyond the horizon of 2025, so any measure that facilitates the passing of some complex stages by their nature is a step forward in the project “.
Doru Vişan, state secretary at the Ministry of Energy, said that the signing of the Investors Agreement is the company-level agreement between Nuclearelectrica and the Chinese partner, and then an agreement between the two states will be reached.
The project of units 3 and 4 involves the construction of two new reactors on the Cernavoda nuclear power plant platform, each with an installed power of 700 Mwh. Currently, in Cernavoda, there are two units of 700 Mwh, type CANDU.
Nuclearelectrica is owned by 82.5% by the Romanian State through the Ministry of Energy.
By Jerom Bolt