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March 1, 2021
BUSINESS

China General Nuclear Power Corporation, Nuclearelectrica’s partner in project to build nuclear reactors 3 and 4

China General Nuclear Power Corporation (CGN) has been designated the investor selected for the development of the project that entails the construction of units 3 and 4 at the Cernavoda nuclear power plant, a Nuclearelectrica communiqué informs.
Likewise, the joint letter of intent was signed on Friday, October 17, as required by this stage of the selection procedure.
“The selection entailed the analysis of the documentation of intent (the investor’s experience in similar projects, its financial capacity, the Qualified Investor’s degree of adhesion to the memorandum concerning the implementation of the project proposed by the SNN and to the Strategy) and came after the qualification stage which finished on September 9, China General Nuclear Power Corporation being the only company that filed the qualification documentation,” Nuclearelectrica representatives state.
According to the timetable, the next stages of the selection process consist of the negotiation and signing of the memorandum of understanding on the joint implementation of the project and the negotiation of the new project company’s constitutive act and investors’ agreement.
The memorandum of understanding on the joint implementation of the Project will be subjected to the approval of SNN’s general shareholders assembly.
The strategy on continuing the project entails the setting up of a joint-venture company that represents a company that precedes an independent energy producer, in which the selected investor will own at least 51 per cent of the shares.
The project on constructing nuclear reactors number 3 and 4 is currently estimated to cost EUR 6.45 bln, however the feasibility study which estimated this required investment level will be revised.

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