Bulgaria, Westinghouse Sign Shareholders' Agreement on Unit 7

Unit 7 of the Kozloduy Nuclear Power Plant is expected to be operational by 2022-2024. Photo by BGNES

Bulgaria's government announced Thursday a shareholders' agreement was signed with US-based company Westinghouse on the construction of Kozloduy NPP's Unit 7.

The document, which is due to be officially paraphed on Friday, will be pending approval from the next elected government after the early general vote on October 5, according to the Council of Ministers' press office, the Bulgarian National Radio reports.

Kozloduy NPP CEO Ivan Genov explained the step to follow Friday's sealing and the confirmation expected from the next government was a final decision of the cabinet that Unit 7 should be built.

Ministers gave the green light to the agreement on Wednesday, when they held their last cabinet meeting before a caretaker government assumes office on August 6.

The preparation and approval of a Financial model agreement and an Engineering, Procurement and Construction (EPC) contract will also be required for the Shareholders' agreement to enter into force.

Earlier this week, Westinghouse CEO Danny Roderick visited Bulgaria to meet key government representatives.

Roderick revealed a final deal on the construction of Unit 7 is expected next year, during the tenure of the next elected government.

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