Czech energy major CEZ has started the process of exiting the Euros 4bn project to expand Romania’s nuclear power plant Cernavoda.

In a statement during September the company said it signed an agreement allowing it to sell its 9.15% stake in the joint venture for building two more reactors at the two-reactor Cernavoda site.

The move is said by CEZ to be in accordance with its strategy of consolidating its foreign assets and focusing on domestic investments. CEZ owns one of Bulgarias’a three power utilities, CEZ Bulgaria, which is the electricity distribution company in the western and north-central part of the country. An earlier statement by CEZ Romania’s corporate affairs manager Adrian Borotea stated that the Czech company will be seeking low-risk investments in the region.

The Romanian state holds a 51% stake in EnergoNuclear, the joint company that will build two new units at Cernavoda on the Danube River, which already has two 706 MW reactors that produce about 18% of Romania’s electricity.

The other shareholders in EnergoNuclear are Electrabel, Enel, Iberdrola, a local unit of ArcelorMittal, and RWE. Any of these may be interested in taking up CEZ’s 9.15% stake.

CEZ is planning to build two new units at its Temelin nuclear power plant in the Czech Republic, and up to three other units at its Czech Dukovany nuclear plant. Those are estimated to be worth about USD 27bn..