Rosatom applies to be a strategic investor in the 2 GW Belene nuclear project (Bulgaria)

The Bulgarian national nuclear operator Natsionalna Elektricheska Kompania (NEK) has accepted Russian nuclear group Rosatom's application to participate in the procedure for selecting a strategic investor for the 2,000 MW Belene nuclear project (northern Bulgaria). Four other companies expressed their interest in the project, namely China National Nuclear Corporation (CNNC), Framatome, General Electric, and Korea Hydro and Nuclear Power. The partner selection process is expected to be completed within a year, in late May 2020.

In May 2019, the government of Bulgaria launched a call for expressions of interest (EoI) for a strategic investor and/or acquisition of a minority shareholding and/or purchase of electricity for the Belene project. The €10bn project should be developed by a special company, in which the NEK should own a stake. The government doesn't plan to provide any funding guarantees, nor to buy electricity from the project under a long-term contract, and requires the project to be commissioned within ten years of signing a shareholder's agreement.

The construction of the Belene power plant started in 1987 but was stopped in 1991 under the pressure of ecological movements and neighbouring countries. The project was revived in 2002 and Atomstroyexport was selected to build two 1,000 MW VVER-1000 reactors. However, the project failed to attract investors and aroused concerns over Bulgaria's energy dependence on Russia. It was cancelled in 2012, prompting Atomstroyexport to file a lawsuit against the Bulgarian Government and to claim €1bn in damages. In December 2016, Bulgaria had to pay €620m to settle the deal. However, the Bulgarian government revived the project in May 2018 and announced that it will hold a blocking stake in the future project venture.