Romanian nuclear operator Nuclearelectrica has received European Investment Bank approval for an €800 million loan to support the refurbishment and life extension of Unit 1 at the Cernavodă nuclear power plant. The financing is still subject to approval by Nuclearelectrica’s shareholders before the loan agreement can be finalised. The EIB-backed funding is described as a principal component of a wider package combining company resources with loans from international financial institutions, commercial banks and export-credit agencies.
The project is linked to work intended to extend Unit 1’s operating life until approximately 2060. Unit 1 entered commercial operation in 1996 and uses Canadian-designed CANDU 6 technology. The refurbishment is expected to preserve a generating asset that would supply around 9% of Romania’s annual electricity between 2030 and 2060.
Development phases, permits and financing structure
The refurbishment programme is in its second development phase, covering permits, procurement of long-lead equipment, engineering and construction contracts, and completion of the financing structure. Preliminary works began in 2025 and are continuing during 2026. The loan approval from the EIB forms part of the broader financing approach alongside other sources.
Nuclearelectrica has already signed a €540 million financing agreement with a bank syndicate led by JPMorgan SE for preparatory activities. In combination with the prospective EIB loan, this arrangement provides greater visibility over funding. The complete cost and final allocation of construction and contingency risks remain critical to the overall risk profile.
Planned outage and system impact in Romania
The main implementation period is planned for 2027–2030. During this window, Unit 1 will be removed from service while contractors replace pressure tubes and carry out extensive reactor, turbine, electrical and balance-of-plant works. Testing and commissioning are expected to take place before commercial operation resumes in 2030.
The outage will temporarily remove around 700 MW of baseload capacity from the Romanian system. Managing the resulting gap will require additional renewable generation, imports, storage and flexible thermal production as electricity demand is expected to increase. This scheduling coincides with ongoing expansion of intermittent wind and solar capacity in Romania.
Cernavodă role in national generation and state-aid review
Cernavodă is Romania’s only nuclear plant, with two operating units each with approximately 700 MW. Together, the units normally produce close to 20% of national electricity. Extending Unit 1 therefore has implications for both commercial output continuity and energy security.
The European Commission is conducting an in-depth review of planned public support under EU state-aid rules. The financing structure must demonstrate that state involvement is proportionate and compatible with the internal market. That review, alongside construction execution and outage control, remains central to the project’s risk profile .
