Nuclearelectrica seeks an €800 million loan for the modernization of Unit 1 at Cernavodă

Nuclearelectrica intends to take out an €800 million loan from the European Investment Bank to refurbish Unit 1 of the Cernavodă nuclear power plant. The proposal, submitted to the Bucharest Stock Exchange by the company’s new chief executive officer, Mihai Gioară, will be put to shareholders for approval at the meeting on October 29/30, 2026.

The financing will be divided into two €400 million loans. The first agreement is expected to be signed in 2026, and the second at the beginning of 2027. The EIB Board has already approved the loan for the refurbishment project on July 15.

Unit 1 was commissioned in 1996 and is approaching the end of its first operating life cycle. According to Nuclearelectrica, the reactor has generated more than 149 million MWh and contributed to avoiding the emission of 145 million tonnes of carbon dioxide.

Currently, both reactors at Cernavodă are shut down due to the low water level of the Danube. Unit 1 was shut down on July 28, and Unit 2 on August 13, 2026. The Ministry of Energy warned that the situation could contribute to higher electricity prices in the winter and spring of 2027.