Bulgaria's national electricity company Bulgarian Energy Holding (BEH) and Westinghouse Electric Company have signed a shareholder agreement on the expansion of the Kozloduy nuclear power plant in northern Bulgaria. Bulgaria had offered the company to take a 49% stake in the Kozloduy-7 project and to finance it, highlighting that the country could not afford the construction of a new nuclear unit without a strategic investor. Bulgaria had signed a preliminary agreement with Westinghouse in August 2014, which expired on 31 March 2015 and under the terms of which Westinghouse would take a 30% stake in the project but relinquish it at the completion of the construction; in the newly-signed shareholder agreement, Westinghouse will divest its stake (undisclosed share) in the project once construction is completed. Westinghouse plans to issue a competitive tender complying with EU and Bulgarian procurement rules for the plant construction within the next year. The new agreement selects the Westinghouse AP1000® nuclear technology for the 1,000 MW reactor, expected to be commissioned by 2023.
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