Nuclearelectrica (SNN) wants to contract a financing of 540 million euros from a banking syndicate led by JP Morgan, to support the re-engineering of Unit 1 of the Cernavodă nuclear power plant, according to documents sent to the Bucharest Stock Exchange.

The decision is to be voted on by shareholders in the extraordinary meeting scheduled for September 3, 2025. The financing, negotiated under conditions that are not publicly detailed in the convening notice, would be contracted by SNN as the borrower, and the company’s executive management will be mandated to sign the credit agreement on behalf of the company.

In parallel, SNN is also requesting shareholder approval to guarantee another 80-million-euro loan contracted by the Energonuclear subsidiary, to finance the reactors 3 and 4 project. This loan would also be granted by a banking syndicate led by JP Morgan.

The refurbishment of Unit 1 is one of the company’s most important investment projects, with a total value previously estimated at around 1.85 billion euros, and is scheduled to take place over a period of several years, with the reactor shut down for major works starting in 2027. Unit 1 has been operating since 1996 and is approaching the end of its 30-year operating cycle, ZF reads.

In previous reports, SNN stated that it had entered the second phase of the re-engineering process, which includes detailed design and orders for critical equipment, financed mainly from its own sources.