Societe Generale plans to fund reactors 3 and 4 from Cernavoda

French-based Societe Generale and its subsidiary from Romania, BRD-Groupe Societe Generale are interested in financing the construction of reactors 3 and 4 of Cernavoda-based nuclear power plant, said the deputy director of BRD Groupe Societe Generale, Ribiana Crasan.
“We will keep monitoring this project. We will attend the negotiations, after Romanian authorities would make public the bid for financing the project”, said Ribiana Crasan, at a press conference on nuclear power.

Societe Generale has previously lent Nuclearelectrica 430 million euros in 2002, for the construction of reactor 2 from Cernavoda, which started operating in 2007.

The state secretary within the Ministry of Economy, Tudor Serban who attended the event, said he would contact all the major banks in order to start negotiations for the loan required in the construction of the two reactors.

BRD-Groupe Societe Generale is Romania’s second biggest bank by asset and holds the second largest market capitalization at Bucharest Stock Exchange. The majority shareholder of the bank is Societe Generale, one of the biggest banking groups in the euro area, counting over 27 million clients around the world.

Nuclearelectrica together with its six investors, ArcelorMittal, CEZ, GdF-Suez, Enel, Iberdrola and RWE Power has signed on November 20, the Investors’ Arrangement designed to establish SC EnergoNuclear SA which will construct, operate and use reactors 3 and 4 from CNE Cernavoda.

After the negotiations, the participants agreed to divide shares as following: Nuclearelectrica - 51%, CEZ - 9,15%, GdF-Suez - 9,15%, Enel - 9,15%, RWE Power - 9,15%, and ArcelorMittal and Iberdrola 6.2% each. The negotiation proceeding began in December 4, 2007. Reactors 3 and 4 should start generating power after 2016.

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