The company will have a share of at least 10% of the project, which is shared between the Romanian state company Nuclearelectrica, Enel, RWE, Electrabel, CEZ and steel maker ArcelorMittal.
The agreement negotiated among the partners entails the constitution of a joint venture with an initial equity of E30 million, which will hold title to the assets and the operating license, and will also be responsible for the construction and operation of units three and four of the power plant.
The Cernavoda nuclear plant is designed to accommodate five Canada Deuterium Uranium (Candu) model reactors. Units one and two are already completed and in operation and together reportedly produce 18% of all electricity generated in Romania.
Units three and four, rated at 750MW each, will have a design similar to that of unit two and they are expected to come on stream in 2014 and 2015, respectively. With this operation Iberdrola is adding at least 1,500MW of base-load electricity generation capacity to the Romanian market.
