New investors may join the construction of Belene NPP

“There are indications that new investors will turn up for the Belene NPP project,” Vladimir Karolev, Managing Director of Balkan Advisory Company told Klassa yesterday. The British HSBC Bank, which was selected as financial adviser for the Belene NPP, is a client of Balkan Advisory Company. Karolev explained that the contract between the Bulgarian Energy Holding (BEH) and HSBC had only been endorsed and was expected to be officially signed in the coming days. “The possibility for Germany’s RWE to come back to the project should not be ruled out,” said the expert. The company was selected by the National Electricity Company (NEK) as a strategic investor in the nuclear power plant but withdrew from the project because of uncertainties regarding its funding.

“Financial consultations for such projects are usually made before implementation begins,” explained Karolev. He expressed his confidence that the bank will be ready with its analyses within the shortest possible time. BEH was also optimistic that HSBC will be able to do its job as soon as possible.

Under the agreement signed between NEK and Atomstroyexport, the two sides are expected to solve the problems regarding the price of the project until June 1. By that date, the new EPC (Engineering, Procurement and Construction) contract for the Belene NPP should be drafted. Karolev confirmed the fact published by Klassa that HSBC will receive €2.7 mln for its consulting services. “The bank will also get a remuneration of 0.95% from the money attracted from foreign investors,” added Karolev.

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