Bulgaria to Revive 2,000MW Nuclear Power Project

28 September 2009 (Last Updated September 28th, 2009 18:30)

The Bulgarian Government is still in talks with German utility RWE over plans to build the nuclear Belene project, Bulgarian Prime Minister Boiko Borisov has announced. Following fears that plans had been abandoned due to funding problems, Bulgaria's new Borisov said he has met RWE chie

The Bulgarian Government is still in talks with German utility RWE over plans to build the nuclear Belene project, Bulgarian Prime Minister Boiko Borisov has announced.

Following fears that plans had been abandoned due to funding problems, Bulgaria's new Borisov said he has met RWE chief executive Juergen Grossmann in Sofia to discuss the future of the 2,000MW plant, reports Reuters.

The government is believed to have launched a review of the project following funding issues, which have seen costs rise from the estimated 6 to hit €10bn.

The previous Socialist-led cabinet supported Belene and contracted Russia's Atomstroyexport to build the plant in a €4.0bn ($5.87bn) deal. The then government also picked RWE for a 49% stake in the project, according to Reuters.

The new government is considering reducing its stake in the project from 51% to around 20-30% in a bid to attract more investors and funding.