Bulgaria partners with Citi to secure financing for new nuclear power units in Kozloduy

US-based bank Citi and Bulgarian Ministry of Energy have established a partnership to secure funding for the construction of units 7 and 8 at the existing 2,000 MW Kozloduy nuclear power plant.

Bulgaria’s Ministry of Energy stated that Minister Zhecho Stankov and his delegation held final talks in New York with Citi’s management.

Following a detailed review and analysis of a technical proposal, both sides agreed to make a partnership between Kozloduy NPP – New Builds and Citi to secure funding for new nuclear power units at the Kozloduy Nuclear Power Plant site, according to the ministry.

Stankov stressed that the agreement with Citi is a significant step toward implementing the energy project, noting that it is a priority for the government.

Units 7 and 8 would be the first in Europe with Westinghouse’s AP1000 reactors

The construction of units 7 and 8, which would be the first in Europe to deploy Westinghouse’s AP1000 technology, will ensure the country’s energy independence and long-term stability, Stankov stressed at his meeting with Stephanie von Friedeburg, Global Head of Public Sector Banking at Citi.

With the lender’s proven expertise and strong global network, Kozloduy NPP – New Builds will provide the necessary financial framework to deliver safe, sustainable, and affordable energy for future generations, according to Petyo Ivanov, Executive Director of the project company.

Citi was picked as the exclusive coordinator and lead arranger of the export credit package

The ministry explained that Citi is becoming the exclusive coordinator and lead arranger of the export credit package. It would be the bank’s largest nuclear financing project in Central and Eastern Europe, the statement reads.

“Citi is proud to be at the forefront of financing low-carbon energy solutions. The Kozloduy expansion represents a landmark transaction, one of the first large-scale projects of its kind. This project is pivotal for Bulgaria’s energy future, and Citi is committed to providing the financial expertise to make it a reality,” Stephanie von Friedeburg said.

Of note, in November 2024, Hyundai Engineering and Construction Co., Westinghouse Electric Co., and Kozloduy NPP – New Builds signed an engineering services contract for two AP1000 reactors.