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Investors have 90 days to declare interest in the NPP Belene public tender in Bulgaria

Bulgaria
23/05/2019
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On 22 May 2019, Bulgarian authorities officially invited potential investors to participate in the Nuclear Power Plant (NPP) Belene public tender. All companies interested in bidding now have 90 days to file letters of interest.

Potential bidders can apply for the acquisition of shares in the project company or sign a power purchase agreement, or both.

The project will be developed through a special purpose vehicle (SPV), where the Bulgarian National Electricity Company (NEC) will hold the majority shares.

NEC will participate only through an in-kind contribution representing the current assets of the power plant. Its blocking vote shall apply towards certain decisions, where according to local law, in terms of statutes and capital changes as well as SPV liquidation, such vote represents 2/3 of the capital. NEC and the Bulgarian state will not provide state guarantee or CfDs.

The tender winner will complete the project using existing and installed equipment to the maximum extent possible and will not make any changes to existing safety designs. To implement the project, the investor is permitted to cooperate with third parties or subcontractors using VVER-1000 technology.

It is envisaged that NPP Belene project shall be completed for the maximum price of EUR 10 billion and within 10 years following the execution of a shareholders agreement. Any letters of interest shall include pertinent financial information and a description of the bidding company's experience. In addition, the company should provide information on its relationship with suppliers, constructors, etc.

Detailed information on the tender can be found on the website of the Ministry of Economy and on the website of the OJ of the EU.

For more information on this tender and its implications for Bulgaria's energy industry, feel free to contact one of the following local CMS experts: Kostadin Sirleshtov, Borislava Piperkova and Elena Yotova-Yordanova.

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