ICBC pledges loan for 1420MW Cernavoda Nuclear Power Plant Construction Project (Units 3 and 4)

In January 2016, China General Nuclear Power Group (CGN) announced that it had received a Letter of Support from the Romanian Government in relation to the development, construction, operation and decommission of Cernavoda Nuclear Power Plant’s Units 3 and 4. These would be 700 MW CANDU 6 reactors. The project’s total cost is estimated at around $7.2 billion, with the construction expected to be finalized seven years after the contract is signed. The negotiations regarding the project are still underway. On March 9, 2017, the Romanian Ministry of Energy announced that it intended to speed up the negotiations with CGN on the reactors, after they were already extended three times in 2016. The government is now trying to initiate as soon as possible a government memorandum to be granted a negotiating mandate Then, on the CGN. On May 8, 2019, China General Nuclear Power Group (CGN) and Romanian national nuclear company Nuclearelectrica signed an agreement to establish a joint venture that will be responsible for implementation of the project. The agreement calls for the setting up of a joint venture/project company as a "technical and operational platform" for the completion of Cernavoda 3 and 4. CGN would hold a 51% stake in the project company, with Nuclearelectrica holding the remaining 49%. According to Liviu Dragnea, a Deputy Prime Minister of Romania, in 2014, ICBC has signaled its interest in financing this project. ICBC has reportedly considered issuing a loan as large as $2 billion in support of the project. However, due to criticism by Romanian officials about China's involvement in the project, Romania canceled its deal with CGN in June 2020. In addition, Romania signed a MOU with U.S.Export-Import Bank to finance the project.

Additional details

The Chinese project title is 切尔纳沃德核电站3、4.

Number of official sources

10

Number of total sources

32