Bulgaria, Germany's RWE Sign JV Deal for 2,000 MW N-plant Belene Construction

“I am convinced that the implementation of this strategic energy project is of particular significance in the conditions of a global economic and financial crisis,” Bulgaria's Prime Minister Sergei Stanishev said before the official signing of the deal.

The Bulgarian government picked RWE for a strategic investor in the project in October but gave RWE several months to make up its mind.

RWE in October outbid Belgium's Electrabel for the minority stake in the project.

Bulgaria hopes the new nuclear plant will help it make up for the generating capacity it lost after closing down the four Soviet-made reactors of 440 megawatts each at its sole Kozloduy nuclear power plant as a condition for joining the European Union in 2007. The closures left Kozloduy operating its two remaining reactors of 1,000 MW each.

($ = 0.6924 euro)