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Launch of the procedure for a strategic investor for "Belene" NPP project

In implementation of decisions of the National Assembly of 7 June 2018 and of the Council of Ministers of 29 June 2018, Natsionalna Elektricheska Kompania EAD announces a call for selection of a strategic investor for the construction of Belene nuclear power plant. The call also allows for expressions of interest to acquire a minority shareholding in the future project, as well as and/or to purchase electricity from the future power plant. The purpose of the call is to provide certain information to the applicants 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, permits, licenses and other documents related to the project. A number of conditions are laid down in the procedure with the aim of maximizing the protection of the property interest of the Bulgarian side. The Bulgarian state, through NEK EAD, reserves the right of a blocking quota when deciding on certain issues within the competence of the shareholders’ general assembly in the project company. The construction of the plant is envisaged to be carried out on a market principle, without the conclusion of long-term power purchase agreements with the state or provision of any sovereign guarantees.

An application in the procedure for selection of a strategic investor or, respectively, interest in acquiring a minority share in the project company may be submitted by Bulgarian or foreign legal entities, as well as consortium thereof. The deadline for receipt of applications shall be until the 90th day as of the date on which the call is published in the Official Journal of the European Union. The indicative deadline for completion of the procedure shall be 12 months from the date of publication of this invitation in the Official Journal of the European Union.

CALL for Expression of Interest for a Strategic Investor and/or Acquisition of Minority Shareholding and/or Purchase of Electricity

Appendix № 1 - Brief information about Natsionalna Elektricheska
Kompania EAD

Appendix № 2 - Brief history of the project

Appendix № 3 - Documentary status of Belene NPP project, including the documents issued at the time of the call - orders, decisions, permits, etc., concerning its implementation

Appendix № 4 - Brief information about the electricity market in Bulgaria

Appendix № 5 - Information on the stages of the procedure for selection of a strategic investor for construction of Belene NPP

Appendix № 6 - Application for participation

Appendix № 7 - Letter of interest for acquisition of minority shareholding

Appendix № 8 - Letter of interest for acquisition of minority shareholding and purchase of electricity

Appendix № 9 - Letter of interest for purchase of electricity


On 03.12.2014 the new Executive Director of NEK EAD Mr. Petar Iliev was registered in the Commercial Register of the Bulgarian Registry Agency.

Pursuant to the Company Articles of Association, Mr. Petar Iliev will from now on manage and represent NEK EAD in its relations with all business partners and state institutions.


Thanks to the efforts made by the management of NEK EAD for improving and stabilizing the company financial condition, as well as owing to the policy conducted by the government and the legislative measures undertaken, the expected company losses of 334 mln BGN for 2013, as foreseen in the preliminary financial estimations, were reduced to 142 mln BGN.
In spite of these actions leading to such results, the company continues to feel the negative impacts coming from the long-term power purchase agreements with AES Maritsa East 1 and with ContourGlobal Maritsa East 3, as well as from the electricity purchased from the RES energy producers. For 2013 alone the negative effect of the long-term PPAs on the company amounts to 240 mln BGN and the negative effect of the RES energy producers on the company is 130 mln BGN.
NEK's liabilities as of 31.12.2013 have mainly resulted from non-compensated costs for electrical energy from a preceding period, as well as from investment costs involving own funds of the company for Belene NPP Project and Tsankov Kamak Project.

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