U.S. military pension fund offers $7 bn for 25% of Belene NPP

“An American investor expressed interest in participating in the Belene NPP project,” Minister of Economy, Energy and Tourism Traicho Traikov said today. He specified that the interest had been expressed during talks and the Government expected to receive a written letter of intent soon. This is a U.S. military pension fund, Klassa learnt from informed sources. The company wants to invest $7 bn in the construction of a second nuclear power plant in Bulgaria and to buy a 25% stake in the future Belene Project Company. It is is also ready to finance Bulgaria’s participation in the project, which is expected to be 51%.

The other candidates to buy shares in the future company are the Finnish Fortum, the French Altran Technology and the Russian Rosatom. Fortum is also expected to ask for purchasing of more than 20% of the shares in the Belene Project Company.

“The investor has to sign a confidentiality agreement which has already been drafted and the panel of financial experts will analyse the aspirations and possibilities of the candidate and its proposal,” explained Traikov, adding that it is still early to draw conclusions about the intentions of the investor.

Traikov’s statement was made upon his return from Moscow. Before that, he took part in talks with U.S. Secretary of State Hillary Clinton during her visit to Bulgaria. The Minister explained to Nova TV that three main issues for the construction of Belene NPP were yet to be specified with the Russian side. These were: the risk sharing, the price of the credit and the so-called price escalation index for the construction of the plant. Traikov did not rule out the option of building one rather than two new generators at the Kozloduy NPP.

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