US Global Power Consortium revives the Belene NPP project

“In keeping with our pledge to inform the public of any prospective investors willing to build the Belene NPP with private capital, we now announce that the US Global Power Consortium has declared its interest in carrying out the project under those terms”, said Delian Dobrev, Minister of Economy, Energy and Tourism, at the start of an Economic Policy, Energy and Tourism Committee sitting. Samuel Reddy of Global Power Consortium, who was also present at the meeting, laid out the terms of the proposal. “The Belene NPP is of interest for us. Talks with the state National Electric Company are underway. We are currently working on a consortium membership memorandum, while at the same time keeping in contact with several potential partners. We intend to follow a procedure under which NEC is supposed to set up a project company where all initial assets and liabilities related to the Belene NPP will be transferred. Being fully aware of the complexity of such a process and the project itself, we are trying to analyse the project from every possible angle,” Reddy said. “We are also in the first stages of talks with the Russian company Atomstroyexport with the intention of moving to active partnership after the memorandum is finalised. We are hopeful that both companies will be able to find the right solutions to all their issues.”

“We are not looking for any financial guarantees by the Bulgarian Government in this project. It will be 100% backed by all US companies involved. Assets acquired from NEC will change hands for fair market value,” Reddy added.

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