Bulgaria opened procedure to select strategic investor for Belene nuclear plant

Pursuant to decisions of the National Assembly of June 7, 2018 and the Council of Ministers of June 29, 2018, National Electric Company EAD invites a strategic investor to build Belene Nuclear Power Plant (NPP), the press office of the Ministry of Energy said on 11^th of March.

The invitation also gives an opportunity to declare interest in acquiring minority participation in the future project company, as well as to purchase electricity from the future power plant. The purpose of the invitation is to provide certain information to the parties wishing to participate in the procedure.

The Bulgarian side will participate in the project company, operating Belene NPP with an in-kind contribution of the assets, including the licensed site, the available equipment, the issued decisions, the permits, the licenses and other documents related to the project. The procedure includes a number of conditions in order to maximally protect the property interest of the Bulgarian side. The Bulgarian State reserves the right to a blocking quota in decision-making on certain matters within the competence of the General Meeting of Shareholders of the project company. It is envisaged that the construction of the plant will be implemented on a market principle, without concluding long-term contracts for the purchase of electricity by the state and providing state guarantees.

Applications for participation in the procedure of selecting a strategic investor, respectively interest in acquiring minority shareholding in the project company, may be submitted by Bulgarian or foreign legal entities, as well as by consortiums thereof. The time limit for receipt of applications to participate is up to 90 days from the date of publication of the notice in the Official Journal of the European Union. The indicative deadline for the completion of the procedure is 12 months from the date of publication of this notice in the Official Journal of the European Commission.