site.btaEnergy Minister Malinov Discusses Financing of New Nuclear Capacity Project with EXIM Bank President

Energy Minister Malinov Discusses Financing of New Nuclear Capacity Project with EXIM Bank President
Energy Minister Malinov Discusses Financing of New Nuclear Capacity Project with EXIM Bank President
Energy Ministry Photo

Meeting with Reta Jo Lewis, Chair of the Board of Directors and President of EXIM Bank, caretaker Energy Minister Vladimir Malinov said that the construction of new nuclear capacities at the Kozloduy NPP site is one of the main priorities in the work of the current government. “We are confident that, in close cooperation with our American partners from Westinghouse, we will be able to follow the schedule for the construction of Unit 7 adopted by the National Assembly of Bulgaria on December 18, 2023," Malinov said, quoted in a ministry statement on Tuesday.

The Export-Import Bank of the United States (EXIM Bank) is the official export credit agency of the United States. It is an independent agency whose mission is to support U.S. companies in developing domestic and international projects. According to the tentative timetable under the cited decision of the National Assembly, negotiations to secure external financing with financing institutions for the construction of new nuclear facilities should be completed by July 30, 2025. 

The President of Exim Bank confirmed that financing the project in Bulgaria is a priority. She said the bank will initiate actions at operational level to secure financing according to the parliamentary timetable. 

"We are relying on EXIM Bank’s experience and expertise to ensure that Kozloduy NPP Unit 7 is built on schedule. I am confident that with a bank of this stature joining the project, it will be even more attractive to other financing institutions," Minister Malinov said. The meeting also identified the necessary steps to accelerate the financing process.

The Energy Minister and EXIM Bank's President also discussed the development of renewables and batteries as an energy storage technology. According to Malinov, Bulgaria is actively working in this area to adequately respond to future challenges in the development of the energy sector. There is an increasing need for the penetration of energy storage systems that will allow stability and predictability of energy produced from renewable sources, the ministry statement said.

/RY/

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By 14:58 on 22.06.2024 Today`s news

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