site.btaBulgaria Secures Strategic Partnership to Finance Construction of Units 7 and 8 at Kozloduy N-Plant

Bulgaria has secured a strategic partnership with the US bank Citi to finance the construction of unit 7 and 8 of the Kozloduy N-plant. That transpired in a press release by the Energy Ministry which says that this country "has taken a decisive step toward the realization of its most ambitious energy project in decades".

Energy Minister Zhecho Stankov and a delegation he headed held final talks in New York with the leadership of Citi, the press release also says.

Following a detailed review and analysis of the technical proposal, the parties agreed on a partnership between Kozloduy NPP – New Builds EAD and the banking institution to secure financing for the construction of new nuclear capacities at the site of Bulgaria’s nuclear power plant.

“The agreement with Citi is a significant milestone in the successful implementation of the government’s priority energy project. The construction of Units 7 and 8 — which will be the first in Europe to operate with Westinghouse’s AP1000 technology — will ensure Bulgaria’s energy independence and long-term stability,” Minister Stankov emphasized during his meeting with Stephanie von Friedeburg, Citi’s Global Head of Public Sector Banking.

Securing sustainable sources of financing is a key element of Bulgaria’s strategy for a successful transformation of its energy system in the context of the broader goal of achieving energy and climate security.

“With Citi’s proven expertise and strong network, we will provide the financial framework needed to deliver safe, sustainable, and affordable energy for future generations,” said Petyo Ivanov, CEO of Kozloduy NPP – New Builds EAD.

Citi’s role as the exclusive coordinator and arranger of the export credit facility makes this the bank’s largest nuclear energy financing project in Central and Eastern Europe.

Stephanie von Friedeburg is quoted as saying that Citi is proud to be at the forefront of financing low-carbon energy solutions. The expansion of Kozloduy NPP is a landmark transaction — one of the first large-scale projects of its kind. It is vital to Bulgaria’s energy future, and Citi is committed to bringing the financial expertise necessary for its success, she said.

"The partnership with Citi is a testament to the strong trust international players place in Bulgaria and its energy sector. It is yet another sign that Bulgaria is playing an active role in shaping the new energy architecture of Europe," the statement concludes.