Final Decision on New Kozloduy NPP Units to Be Made in 2026, Says Head of Kozloduy NPP New Builds

Diana Dukovska, Antoan Nikolov

Petyo Ivanov, Executive Director of Kozloduy NPP New Builds Plc, at a symposium organized by Westinghouse, Sofia, April 29, 2025 (BTA Photo/Hristo Kasabov)

Sofia,

29.04.2025 13:11

(BTA)

The key decision regarding the construction of Units 7 and 8 at the Kozloduy Nuclear Power Plant is the final investment decision, which is expected to be made in 2026, Petyo Ivanov, Executive Director of Kozloduy NPP New Builds Plc, told a symposium for Bulgarian suppliers organized by Westinghouse in Sofia on Tuesday.

In November 2024, NPP Kozloduy New Builds Plc, Westinghouse and Hyundai Engineering & Construction signed an engineering contract for new nuclear capacities at the plant.

Ivanov said the obligations of each party must be clearly defined in advance. The decision should be based on an assessment of the project's capital and operational costs. Securing the necessary financing is of critical importance. The choice of equipment and material suppliers will also be a key factor, he said.

Regarding the licensing regime, the necessary documentation must be prepared and submitted to apply for a design permit from the regulator, as well as a construction permit related to site preparation activities, Ivanov said. He stressed it is important to assess what is lacking at the site and where the legal framework may be deficient so as to ensure the successful implementation of the AP1000 reactor project. To this end, a second round of negotiations will be held on Tuesday, with the primary focus on revisiting the initial conditions document. Until the final investment decision is made, efforts must be directed toward clarifying the contract structure to ensure that commitments between the owner and the contractor are absolutely clear.

An extremely important aspect is the localization of the project, which must be clearly quantified. There must be traceability in the documentation and invoices that will be generated subsequently, Ivanov said. He noted that many Bulgarian companies are expected to take part in the project, including in the area of equipment control and management.

At present, a procedure is underway to select the main engineering contractor, with the contract expected to be signed by the end of May. A financial consultant is also being selected.

Intensive work is underway to comply with the licensing regime. A construction permit needs to be obtained from the Regional Development Ministry. Activities related to obtaining a design permit from the regulator are also set to begin.

An environmental and water impact assessment consultant has been hired. A decision from the Environment and Water Ministry is expected to be issued within a year.

As to financing, work is ongoing on a structure that would allow for securing 20-30% in equity capital, with the remaining 70-80% raised as debt capital, said the Executive Director of Kozloduy NPP New Builds Plc.

/RY/