Fortum Corporation, the Russian State Atomic Energy Corporation ROSATOM and NEK (the national Bulgarian utility Natsionalna Elektricheska Kompania EAD) have signed a Memorandum of Understanding on cooperation in the development of nuclear power plant Belene in Bulgaria. According to the Memorandum of Understanding Fortum is endeavouring to participate in the Belene nuclear power plant project in Bulgaria by providing competences in nuclear technology and safety. In relation to technology services, Fortum has reserved an opportunity to obtain a 1% share of the equity in the Project Company that will be established and will be the owner of the power plant and the electricity generated by it. The Belene nuclear power plant will be constructed in northern Bulgaria near the town of Belene. According to plan, the power plant will consist of two Russian VVER-type pressurized water reactors with a 1,050 MW capacity each.