Contract with HSBC on Belene NPP to be signed today

The contract with the British HSBC Bank, which was selected as consultant for the construction of the Belene NPP, will be signed today, became clear from an interview with Minister of Economy, Energy and Tourism Traicho Traikov for BNT. He specified that representatives of the bank were expected in Sofia today. As Klassa
disclosed, the document should be signed by experts from the Bulgarian Energy Holding (BEH) and HSBC. The bank won the tender invited by BEH by offering to make a financial analysis of the project for a fee of €2.7 mln. In case of a successful deal and implementation of the contract for the nuclear plant’s construction, the British bank will get an additional 0.95% of Belene’s final price. This information was reported by BNR a day after Klassa disclosed it.

Traicho Traikov announced yesterday that HSBC will be paid about €2 mln for its services, but there is a price that is not fixed in the contract and will be specified later. This flexible part will depend on the funding structure to be attracted for the project’s implementation and will be paid upon it completion, if it is implemented. Minister Traikov stated he was firmly standing behind every word he said about the head of the National Electricity Company (NEK), Krassimir Parvanov. “He uttered some untrue numbers, but let that weigh on his conscience,” said Traikov. He added that he had already had several reproaches about Parvanov’s work and that was the last straw that broke the camel’s back, but even that alone was too much”.

In his interview, Traikov reminded that the former government had signed an annex to the contract for the construction of Belene to the amount of €670 mln. This was done without having a final contract and Bulgaria is still trying to settle this case. The consultant’s task is to give accurate calculations about the cost of the nuclear plant’s construction, give advice on its funding and estimate the cost of the electricity to be generated there. If Bulgaria and Russia fail to reach an agreement on the drafting of an EPC (Engineering, Procurement and Construction) contract by June 1, the deadline for this may be extended until the issues regarding the Belene NPP are solved,” added Traikov.

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