European Investment Bank financing for Cernavodă unit 1
Romania’s Nuclearelectrica is seeking shareholder approval for two €400 million European Investment Bank loans to support the refurbishment of Cernavodă unit 1. The approvals are intended to move a key financing package closer to signing amid current nuclear outages.
The first loan is targeted for signing in 2026, while the second is expected in early 2027. The EIB board has already approved the financing, but shareholder consent and final execution are still outstanding.
Shareholder meetings and refurbishment timeline
Shareholders are expected to consider the two loan facilities at meetings scheduled for October 29-30. The refurbishment programme aims to return roughly 700 MW of Cernavodă unit 1 capacity to service in 2030. It also targets extending the unit’s operating life for another full cycle.
Shareholder approval would not complete the refurbishment programme, but it would remove another step toward securing the long-term financing required. For lenders, the project is described as a relatively predictable infrastructure asset compared with merchant renewable developments.
Nuclear availability and regional market impacts
The financing process has gained additional significance due to Romania’s current market impact from weak nuclear availability. Both Cernavodă units have recently been absent from the regional generation balance, increasing reliance on imports and thermal generation during evening peaks.
This shift has contributed to spot prices repeatedly exceeding €200/MWh, alongside increased dependence on Bulgarian supply. With both units unavailable, the refurbishment is presented as having a direct security-of-supply dimension.
A prolonged extension of unit 1’s life would keep a major source of low-carbon baseload electricity available while Romania expands wind, solar, batteries and offshore gas production. Romania’s present import dependence is making the value of keeping 700 MW of nuclear capacity available more visible.
