Nuclearelectrica seeks European Investment Bank loan for Cernavodă Unit 1 upgrade
Nuclearelectrica plans to obtain financing from the European Investment Bank to modernise Unit 1 at the Cernavodă nuclear plant, pending shareholder approval later this month.
Nuclearelectrica SA intends to secure a loan from the European Investment Bank to finance the retrofitting of Unit 1 at the Cernavodă nuclear power station. The proposal will be voted on at an extraordinary shareholders' meeting slated for the end of October. The loan will be structured in two successive agreements, with the first expected to be signed in 2026 and the second at the start of the following year.
The financing will cover the ongoing second-phase activities, such as obtaining regulatory approvals, contracting engineering and construction services, and purchasing necessary materials and equipment. Civil works on the upgrade started in 2025 and are set to continue through 2026, while the third phase, involving a complete shutdown for major reactor re-tubing, is planned for 2027-2030. The project aims to extend the plant’s operational life and maintain its high capacity factor, which has already avoided substantial CO₂ emissions since Unit 1 began operating in 1996.
Why it matters
The loan will enable critical upgrades to a key nuclear facility, supporting energy security and climate goals.
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