Fortum reserves 1% stake option of Belene

1 December 2010

Finnish electricity utility Fortum has signed a memorandum of understanding with Russian nuclear agency Rosatom and national Bulgarian utility NEK (Natsionalna Elektricheska Kompania EAD) on cooperation in the development of nuclear power plant Belene in Bulgaria.

Fortum said it is endeavoring to participate in the Belene nuclear power plant project in Bulgaria by providing competences in nuclear technology and safety.

It also said that Fortum, the operator of Loviisa 1&2, has reserved an opportunity to obtain a 1 per cent share of the equity in the Belene project company.

Matti Ruotsala, Executive Vice President of Fortum Corporation, said: “It seems that the Belene project is clearly moving ahead. Therefore Fortum is also interested to offer its nuclear competences to the project and to reserve an opportunity to obtain a 1 per cent equity stake in the Project Company.”

The exact size of the equity capital is subject for negotiations between shareholders, the major shareholders to be the national Bulgarian utility company NEK and ROSATOM's subsidiaries.

The Belene nuclear power plant will be constructed in northern Bulgaria near the town of Belene. According to plan, the power plant will consist of two Russian VVER-type pressurized water reactors with a 1,050 MW capacity each.

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