Bulgaria Secures Strategic Partnership to Finance the Construction of Units 7 and 8 at Kozloduy Nuclear Power Plant

Bulgaria has taken a decisive step toward implementing its most ambitious energy project in decades. Minister of Energy Zhecho Stankov and his delegation held final talks in New York with the leadership of the U.S. bank Citi. Following a detailed review and analysis of the technical proposal, the both sides agreed on a partnership between “Kozloduy NPP – Newbuild” EAD and the financial institution to secure funding for the construction of new nuclear capacity at the Kozloduy Nuclear Power Plant site.

“The agreement with Citi is a significant step toward the successful realization of this priority energy project for the government. The construction of Units 7 and 8, which will be the first reactors in Europe using Westinghouse’s AP1000 technology, will ensure the country’s energy independence and long-term stability,” underlined Minister Stankov during his meeting with Stephanie von Friedeburg, Global Head of Public Sector Banking at Citi.

Securing sustainable sources of financing is a key element of the strategy to successfully transform Bulgaria’s energy system in the broader context of achieving energy and climate security.

“With Citi’s proven expertise and strong global network, we will provide the necessary financial framework to deliver safe, sustainable, and affordable energy for future generations,” said Petyo Ivanov, Executive Director of “Kozloduy NPP – Newbuild” EAD.

Citi’s role as exclusive coordinator and lead arranger of the export credit marks the bank’s largest nuclear financing project in Central and Eastern Europe.

“Citi is proud to be at the forefront of financing low-carbon energy solutions. The Kozloduy expansion represents a landmark transaction, one of the first large-scale projects of its kind. This project is pivotal for Bulgaria’s energy future, and Citi is committed to providing the financial expertise to make it a reality,” said Stephanie von Friedeburg.

The partnership with Citi is a clear sign of the strong trust that international stakeholders place in Bulgaria and its energy sector. It further affirms the country’s role as an active participant in shaping the new energy architecture of Europe.