Romania’s Nuclearelectrica plans to seek €800 million in European Investment Bank financing for the refurbishment of Cernavoda unit 1, with the overhaul intended to extend the reactor’s operating life to 2060. The proposal is scheduled for consideration at an extraordinary general meeting on October 29–30. The financing package is expected to be structured around two separate loans.
EIB loan structure and timing
The expected funding comprises two €400 million loans, with the first targeted for signing in 2026 and the second planned for early 2027. The European Investment Bank approved the financing in July. Shareholder approval is required before the company proceeds with the EIB-backed funding.
Refurbishment scope and outage schedule
The 700 MW reactor is scheduled for its main refurbishment during 2027–2030, including reactor retubing and other major works. Testing and commissioning would take place before the unit returns to service in 2030. Civil works started in 2025 and continued through 2026 alongside engineering, licensing, procurement and financing preparations.
Funding mix and previous syndicated loan
Nuclearelectrica said it intends to combine internal resources with support from international financial institutions, export credit agencies and commercial banks. In September 2025, it secured a €540 million syndicated loan for the preliminary stage, with JP Morgan SE leading the lender group. Securing the EIB loans would add to the funding structure ahead of a scheduled outage that leaves Romania needing replacement supply during the overhaul.
Post-refurbishment generation contribution
After refurbishment, Cernavoda unit 1 is expected to supply about 9% of Romanian electricity between 2030 and 2060. The planned return to service in 2030 follows testing and commissioning after the main refurbishment period.
