China may invest in Romanian reactors

21 October 2011

China Guangdong Nuclear Power Corporation (CGNPC) may be considering investing in the completion of two reactors at the Cernavoda plant in Romania. The company has signed a confidentiality agreement with Romania's state-owned Nuclearelectrica to access documentation related to investing in the project to complete Cernavoda units 3 and 4. The agreement was signed at the Romanian Embassy in Beijing on 19 October 2011. In a statement, Romania’s ministry of economy, trade and business environment said that the agreement "is part of the procedure to select new investors" in the construction of the two units. In November 2008 an investment agreement setting up a new project company, EnergoNuclear SA, was signed between Nuclearelectrica, with 51% of the project, and Enel, CEZ, GDF Suez, RWE Power (each 9.15%), Iberdrola (6.2%) and ArcelorMittal Galati (6.2%). However, in September 2010 CEZ announced its intention to sell its share, which it did to Nuclearelectrica by January 2011. Then GdF Suez, RWE and Iberdrola withdrew from the project for commercial reasons. This left Nuclearlectrica with an 84.65% share in the project. Enel holds 9.15% and ArcelorMittal Galati 6.2%.