site.btaBulgaria, South Korea Reaffirm Strategic Energy Partnership

Bulgaria’s Energy Minister Zhecho Stankov Tuesday conferred with the Republic of Korea’s Ambassador in Sofia Dong-bae Kim and representatives of Hyundai Engineering and Construction. The discussions focused on the strategic partnership surrounding the construction of Units 7 and 8 at the Kozloduy Nuclear Power Plant (NPP), Stankov's Ministry said in a press release.

The sides stressed the priority importance of the nuclear project and expressed confidence in its successful execution. Minister Stankov outlined the steps taken by the Bulgarian side so far, noting that the State is contributing capital through budget financing via the NPP Kozloduy New Builds company, which is overseeing the project. He also highlighted ongoing talks with the European Commission regarding the eligibility of state aid for the project.

Under the current financial framework, up to 30% of the project will be funded through own resources. Investment banks from the United States and the Republic of Korea have already expressed readiness to provide loan financing for the construction.

Minister Stankov and Ambassador Dong-be Kim also discussed the importance of the project’s preparatory phase, particularly the development of necessary infrastructure, which they identified as crucial to the timely and successful implementation of the large-scale project.