Sat, Nov 21 2009

Russia agrees to lend 3.8bn euro for Belene power plant

Sat, May 30 2009 10:19 CET byDnevnik.bg 1209 Views
Russia agrees to lend 3.8bn euro for Belene power plant

Photo: Stoyan Nenov

Russia will launch a procedure to extend a 3.8 billion euro loan to bankroll the construction of Bulgaria’s second nuclear power plant, Ivan Atanasov, member of the project management unit of the Bulgarian Energy Holding (BEH) and director of national grid operator NEK, said.

The financing was requested by Bulgarian Prime Minister Sergei Stanishev during his May 2009 visit to Moscow, on the grounds that the strained global financial and economic environment limited funding options for the planned Belene plant.

The export facility will cover 80 per cent of the cost of the project to be implemented by Russian contractor AtomStroyExport.  The remaining funds will be provided by NEK.

The Russian side has not yet specified the funding conditions but has said the loan will be absorbed in phases.

BEH, which consolidates Bulgaria's top energy assets, has requested an extension of the state guarantee from 600 million euro to the size of the loan, executive director Galina Tosheva said.
The Finance Ministry has not yet responded to the request.

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