
Bulgaria secures Citi to help finance nuclear expansion at Kozloduy site
Energy Minister Zhecho Stankov held final talks in New York with Citi's leadership, agreeing on financing for units 7 and 8 at the Bulgarian nuclear site that will use Westinghouse's AP1000 technology.
"The agreement with Citi is an essential step for the successful implementation of the government's priority energy project, ensuring energy independence and long-term stability," Stankov said during the meeting with Stephanie von Friedeburg, Citi's Global Director of Public Sector Banking.
For Citi, serving as exclusive coordinator and arranger of export credit, the deal represents its largest nuclear financing project in Central and Eastern Europe, according to the ministry statement.
It did not specify the exact amount of financing agreed and Citi was not immediately available for comment to Reuters.
Kozloduy is Bulgaria's only nuclear power plant and dates back to the 1970s. It has two 1,000 megawatts Soviet-made reactors in operation. Four others were closed by 2007.
Under the expansion plans, unit 7 would be ready by 2033 and unit 8 would follow at a later stage.
South Korea's Hyundai Engineering & Construction (000720.KS), opens new tab received parliamentary approval in Bulgaria in February to advance discussions on building two nuclear reactors with a combined capacity of 2,300 MW.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
14 hours ago
- Reuters
China announces plan to boost consumption of agricultural products
HONG KONG, July 27 (Reuters) - China on Sunday announced a plan to promote consumption of agricultural products and "optimise green and high-quality products to meet multi-level consumer needs", its Ministry of Agriculture and Rural Affairs said.

The National
a day ago
- The National
Elon Musk 'ordered Starlink shutdown' during Ukraine counterattack
The billionaire's command allegedly led to a communications blackout while Ukrainian forces attempted to retake the port city of Kherson in the south of the country in September 2022. The communication blackout, where staff at the American tech firm deactivated at least 100 Starlink terminals after being instructed to, reportedly caused the attack to fail, according to Reuters, which spoke with three people who were familiar with the demand. According to reports, the blackout caused Ukrainian soldiers to panic as drones surveilling Russian forces went dark, and long-range artillery units, reliant on Starlink to aim at their targets, struggled to hit them. READ MORE: 'He belongs in The Hague': Keir Starmer fiercely criticised over Gaza speech Although Ukrainian forces were able to reclaim Kherson, the incident was reported to have damaged the country's trust in the technology, along with shocking Starlink employees. One of the three people who were familiar with the instruction claimed it enabled Musk to take 'the outcome of a war into his own hands'. The Tesla-owner reportedly grew concerned that Ukrainian forces' advancements could provoke nuclear retaliation from Vladimir Putin. A spokesperson for SpaceX, the aerospace company that owns Starlink, told Reuters the reporting of the incident is 'inaccurate'. In March, Musk posted on his social media platform, X/Twitter: 'To be extremely clear, no matter how much I disagree with the Ukraine policy, Starlink will never turn off its terminals.' Starlink, which went live in 2019, is a satellite company that beams data across its network and is the world's largest satellite operator. It provides customers with internet access in remote and unreliable locations and has a network of around 8000 satellites in orbit. It has been a key tool in Ukraine's defence, as Musk has provided the country with more than 50,000 Starlink terminals during the war. The network has allowed Ukrainians to speak to relatives across the world, and President Zelensky uses the network to transmit broadcasts to the nation. It is also used by Ukrainian forces on the battlefield to communicate and is used to guide drones and long-range artillery units.


Reuters
a day ago
- Reuters
KKR in talks to buy ST Telemedia Global Data Centres, Bloomberg News reports
July 26 (Reuters) - KKR (KKR.N), opens new tab is in talks to buy ST Telemedia Global Data Centres in a deal that could value the Asian digital infrastructure provider at more than $5 billion, Bloomberg News reported on Saturday, citing people familiar with the matter. Reuters could not immediately verify the report.