Societatea Nationala Nuclearelectrica S.A. (“SNN”) informs that during the General Meeting of the Shareholders scheduled for 22.10.2015, the Memorandum of Understanding regarding the development, construction, operation and decommissioning of Cernavoda NPP Units 3 and 4 will be submitted to vote.
In compliance with the Governmental Strategy for the continuation of the “Cernavoda NPP Units 3 and 4” Project, through the organization of an investors selection procedure, approved by the General Meeting of Shareholders (“GMS”) on 22.08.2014, the parties, SNN and China General Nuclear Power Corporation (“CGN”), the qualified and selected investor for the continuation of the project, had to convene on the terms and conditions of their cooperation for the development of Cernavoda NPP Units 3 and 4, by negotiating and signing the current Memorandum of Understanding.
In March 2015, SNN and CGN initiated the Memorandum of Understanding and the related negotiations, after which the document was endorsed by the Board of Directors of SNN and by the Negotiation and Interministerial Commissions and approved by the Government of Romania on September 2nd, 2015.
The Memorandum of Understanding establishes the directions of the future cooperation between SNN and CGN in view of developing and implementing the Project. After the signing of the Memorandum by both parties, SNN and CGN will enter into the negotiation process related to the initiation and completion of the last stages of the Strategy: the negotiation of the Investors Agreement and of the Articles of Incorporation of the new project company, the establishment of the new project company (a joint-venture “JVCo” in which CGN will own at least 51% of the share capital), the future corporate governance of the JVCo and the financing structure for the development of the Project.
SNN’s investment in EnergoNuclear will be fully transferred to the new project company.
The Memorandum of Understanding will be available on SNN’s webpage, in the Investors Relations section, General Meetings of Shareholders, starting with 21.09.2015, 18:30 hours.
SNN will inform the public, the shareholders and the investors in relation to the unfolding and progress of the next stages of the Strategy.