Electricity

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

bulgaria citi Kozloduy financing nuclear power plant

Photo: Ministry of Energy of Bulgaria

Published

July 18, 2025

Country

Comments

comments icon

0

Share

Published:

July 18, 2025

Country:

Comments:

comments icon

0

Share

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Water shortages Southeastern Europe desalination strategic approach

Water shortages in Southeastern Europe point to desalination as strategic approach

08 August 2025 - Turkey got its first floating desalination facility, running on wind and solar power, while other Balkan countries are examining such options

Greek lignite region of Megalopolis opens a new chapter after lignite

Greek coal region of Megalopolis opens new chapter after lignite

08 August 2025 - Megalopolis, in the Peloponnese peninsula, is one of Greece's two coal regions, along with Western Macedonia

brm auctions power exchange coupling

Romanian bourse BRM joins power auctions within European Single Intraday Coupling

08 August 2025 - With this move, BRM becomes part of the Intraday Auctions (IDA) system, launched across Europe in June 2024.

NGEN Group 9 4 MW battery project Poland

NGEN Group launches 9.4 MW battery project in Poland; more large-scale investments underway

07 August 2025 - NGEN Group launched an energy storage project in Poland, which is a significant step in its expansion into the country's market