Nuclearelectrica: Construction of reactors 3 and 4 enters final stretch

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The Nuclearelectrica National Company (SNN) informs that it will submit for approval to its Shareholders’ General Assembly, on October 22, the memorandum of understanding on the development, construction, operation and dismantlement of Reactors 3 and 4 at the Cernavoda Nuclear Plant. The document was approved on September 2 by the Romanian Government, with China Nuclear Power Corporation (CGN) being the investor preferred.
The memorandum of understanding spells out the directions of the future collaboration between the SNN and the CGN in view of developing and implementing the project. After both sides sign the memorandum, SNN and CGN will enter the negotiation process related to the start and completion of the strategy’s final stages: the negotiation of the investors’ agreement and the document setting up the new project company, the creation of the new project company (a joint-venture company in which CGN will hold at least 51 per cent of the registered capital), the future corporate governance of the joint-venture company and the structuring of the financing for the development of the project.