J.P. Morgan leads a banking syndicate financing two major nuclear energy projects in Romania, aimed at refurbishing the Cernavodă nuclear power plant and developing new units to enhance energy security and sustainability.

Information on the Target

J.P. Morgan has facilitated a significant banking syndicate to finance two strategic energy projects involving the Romanian state-owned nuclear company, SN Nuclearelectrica (SNN). These projects include an extensive refurbishment of the Cernavodă nuclear power plant and the preliminary works for two new nuclear units. The first phase consists of a EUR 540 million loan aimed at refurbishing Unit 1, originally launched in 1996, with an anticipated completion date in 2030. The second component of the financing involves a EUR 80 million loan, designated for preliminary preparations for the construction of Units 3 and 4, which are projected to be operational by 2030 and 2031 respectively.

Industry Overview in Romania

Romania's energy sector is undergoing a transformative phase as the country seeks to diversify its energy mix and bolster energy security. Currently, nuclear energy plays a pivotal role in Romania’s electricity generation, providing approximately 20% of the country's total demand, significantly above the global average. This planned expansion will increase SNN's nuclear contribution to 40% once both refurbishment and new unit constructions are completed.

The Romanian government’s comprehensive energy strategy aligns with broader European Union goals, particularly focusing on clean energy objectives and emissions re