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Selection of a strategic partner


NEK issued a call for the selection of a strategic partner / investor in May 2007. In response, letters of intent were received from seven major European nuclear power plant operators, two electricity trading companies and one electricity consumer.

After determining the priority list of candidates, financial and legal analysis of the received proposals, in September 2008 the German company RWE Power AG was determined as the winner in the competition for strategic investor.

The agreement for the establishment of a joint company for the construction of Belene NPP between NEK and RWE Power was signed in December 2008. RWE's participation in the project is 49% and it is envisaged that RWE will be able to invite under the same conditions another company as an investor.

In October 2009, RWE withdrew from the project, citing two main reasons: the financial crisis and failure to achieve two of the project developments stages - the effectiveness of the final contract with the EPC contractor and the financial structuring of the project.

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