Romanian nuclear operator Nuclearelectrica has secured approval from the European Investment Bank for an €800 million loan supporting the refurbishment and life extension of Unit 1 at the Cernavodă nuclear power plant.
The financing remains subject to approval by Nuclearelectrica’s shareholders before the loan agreement can be finalised. It represents one of the principal elements of a wider funding package that will combine company resources with loans from international financial institutions, commercial banks and export-credit agencies.
Unit 1 entered commercial operation in 1996 and uses Canadian-designed CANDU 6 technology. Its refurbishment is intended to extend operation until approximately 2060, preserving a generating asset expected to supply around 9% of Romania’s annual electricity between 2030 and 2060.
The project is in its second development phase, covering permits, procurement of long-lead equipment, engineering and construction contracts, and completion of the financing structure. Preliminary works began in 2025 and are continuing during 2026.
The main implementation period is planned for 2027–2030. Unit 1 will be removed from service while contractors replace pressure tubes and carry out extensive reactor, turbine, electrical and balance-of-plant works. Testing and commissioning will follow before commercial operation resumes in 2030.
The outage will temporarily remove around 700 MW of baseload capacity from the Romanian system. Managing that gap will require additional renewable generation, imports, storage and flexible thermal production at a time when electricity demand is expected to increase.
Nuclearelectrica has already signed a €540 million financing agreement with a bank syndicate led by JPMorgan SE for preparatory activities. Together with the prospective EIB loan, this provides greater visibility over funding, although the complete cost and final allocation of construction and contingency risks remain critical.
Cernavodă is Romania’s only nuclear plant. Its two operating units, each with approximately 700 MW, normally produce close to 20% of national electricity. Extending Unit 1 therefore carries both commercial and energy-security importance, particularly as Romania expands intermittent wind and solar capacity.
The European Commission is conducting an in-depth review of the planned public support under EU state-aid rules. The financing structure must demonstrate that state involvement is proportionate and compatible with the internal market. That review, alongside construction execution and outage control, remains central to the project’s risk profile.
