Bulgaria Partners with American Citibank to Finance Kozloduy Nuclear Expansion

Bulgaria has reached a strategic financing agreement with the American Citibank for the construction of Units 7 and 8 at the Kozloduy Nuclear Power Plant. The deal marks a major milestone in the country’s efforts to strengthen its energy system, with the project identified as one of the Bulgarian government’s top energy priorities.

The agreement was finalized during a visit by Minister of Energy Zhecho Stankov and his delegation to New York, where they held concluding discussions with Citibank’s senior leadership. Following an in-depth review of the technical proposal, the parties confirmed a partnership between Citibank and Kozloduy NPP - New Capacity EAD to provide the necessary financial structure for the development of new nuclear power units.

Minister Stankov described the deal as a key step forward for Bulgaria’s energy independence and long-term stability. He emphasized that the new units - equipped with Westinghouse’s AP1000 technology - will be the first of their kind in Europe, positioning Bulgaria at the forefront of next-generation nuclear development. He underscored the project’s significance not only in meeting the country's electricity needs but also in contributing to broader goals of energy and climate security.

According to Petyo Ivanov, Executive Director of Kozloduy NPP - New Capacity EAD, the collaboration with Citibank provides a robust foundation for delivering energy that is safe, sustainable, and cost-effective for the coming decades. He expressed confidence in the bank’s ability to support the long-term vision for transforming Bulgaria’s energy landscape.

Citibank’s role in the project will be as exclusive coordinator and arranger of the export credit financing. The bank confirmed that this is its largest nuclear financing initiative in Central and Eastern Europe to date. Stephanie von Friedeburg, Citibank’s Global Director of Public Sector Banking, stated that the bank is proud to play a central role in advancing low-carbon energy projects, highlighting the Kozloduy expansion as a landmark development in the region.

The Ministry of Energy pointed out that the successful conclusion of the agreement demonstrates the strong trust that international partners have in Bulgaria’s energy sector. The partnership with Citibank serves as further proof of the country’s growing role in shaping Europe’s future energy infrastructure. The construction of Units 7 and 8 is expected to support both national priorities and the EU's broader energy transition objectives.