SN Nuclearelectrica SA („SNN”) informs that the Memorandum of Understanding regarding the development, construction, operation and decommissioning of Units 3 and 4 of Cernavoda NPP was approved today, October 22, 2015, by the Extraordinary General Meeting of Shareholders of SNN, following its approval by the Romanian Government on September 2, 2015.
The Memorandum of Understanding is part of the Governmental Strategy to continue the Cernavoda NPP Units 3 and 4 Project by organizing an investor selection procedure, strategy approved by SNN EGMS on August, 22, 2014, and it establishes the directions of the future cooperation between the signing parties, SNN and China General Nuclear Power Corporation („CGN”), in its quality of investor, in order to develop the Project.
“ The Cernavoda NPP Units 3 and 4 Project is the optimal investment, for the Romanian State and, implicitly, the Romanian energy system, on one hand, from the point of view of ensuring long-term security of supply, energy independence, a balanced and stable energy mix capable to meet decarbonization targets and, on the other hand, for Nuclearelectrica from the point of view of assets capitalization and financial growth associated to operation, maintenance and fuel delivery for the new company. The Project will create new jobs and it will develop the horizontal nuclear industry. In fact, the Cernavoda NPP Units 3 and 4 means macro- and micro- economic development” –Daniela Lulache, Chief Executive Officer
Following the signing of the Memorandum of Understanding by both parties, SNN and CGN will, thus, enter the last phase of the selection procedure, namely: the negotiation and completion of the Investors Agreement and Articles of Incorporation with a view to set up the new project company for the construction and completion of Cernavoda NPP Units 3 and 4 Project.