May 8th 2019
SN Nuclearelectrica SA and China General Nuclear Power Corporation (CGN) and CGN Central and Eastern Europe Investment (Ro) Co. S.A (CEERI) announce that today, May 8th 2019, have signed the Investors Agreement in the preliminary form (PIA) regarding the continuation of the Cernavoda NPP Units 3 and 4 Project.
The signing ceremony of the agreement took place at the Ministry of Energy building, in the presence of the Vice Prime-Minister Mr. Viorel Stefan, of the Minister of Energy, Mr. Anton Anton, of Madam Jiang Yu, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Romania and of Mr. Guan Gang, Economic Counselor of the People’s Republic of China to Romania.
We remind that the Investors Agreement in the preliminary form was approved by SNN’s shareholders during the General Meeting of Shareholders dated April 10th, 2019. CGN has also completed its internal approval process of the agreement.
The signining by the parties involved in the continuation of the Cernavoda NPP Units 3 and 4 Project of the Investors Agreement in the preliminary form, in compliance with the Revised Strategy, represents an essential stage of the selection process launched in 2014 from the technical and operational point of view.
The Investors Agreement in the preliminary form envisages the set-up of the project company (JVCO) having as limited aim to be the only technical and operational platform for the subsequent development of the Project. The limit date for the set-up of the JVCO is 60 working days from the date of singing the Investors’ Agreement in the preliminary form.
The JVCO is a joint stock company, set up in compliance with Law 31/1990 regarding companies and it will have an initial duration of two years. CGN will have a participation of 51% in the project company and SNN of 49%.
“Reaching a consensus in the negociation process, mutually advantageous for both parties, realized by the approval of SNN’s shareholders of the Investors’ Agreement in the preliminary form, is in actuality the effective initiation of the concrete measures to continue and develop Cernavoda NPP Units 3 and 4. During the initial two-year duration of the new project company we will define and structure the model to continue the project, being in fact the first essential stage prior to the construction of the two units”, said Anton Anton, the Minister of Energy.
Mr. Bian Shuming, General Manager of the CGN Romania Nuclear Power Company, emphasized that the signing of the PIA today marked a new stage of development for the bilateral cooperation between CGN and SNN. Going forward, CGN is fully committed to working closely together with its Romanian partner on the successful development of the next phases of the Project in line with the agreed principles.