Toshiba out as investor in Bulgaria’s Kozloduy nuclear project, replaced by Westinghouse

Written by on June 5, 2014 in Bulgaria - Comments Off on Toshiba out as investor in Bulgaria’s Kozloduy nuclear project, replaced by Westinghouse

Japanese company Toshiba Corporation has withdrawn as a strategic investor in negotiations on building a seventh unit at Bulgaria’s Kozloduy nuclear power station and has been replaced by US firm Westinghouse Electric Company LLC, according to a statement by the cabinet in Sofia.

The statement, issued after a June 4 meeting of the Bulgarian cabinet, said that Westinghouse had the AP 1000 pressurised water reactor technology that would be used in the Kozloduy unit VII project.

The cabinet decided in December 2013 to allow the Bulgarian Energy Holding (BEH) EAD to sign an agreement on a strategic investor and to start negoations over the structuring and financing of the project for a new unit at Kozloduy NPP with Toshiba Corporation as a strategic investor and Westinghouse as the owner of the AP 1000 technology.

In the course of negotiations, it was proposed by Toshiba Corporation and Westinghouse Electric Company to change the strategic investor and on June 4, the cabinet agreed to allow an annex to the agreement on a strategic investor.

Toshiba Corporation will remain a party to the agreement and will keep to its obligations, along with Westinghouse, to carry out contacts with various export-crediting agencies with a view to help the financing of the project, the statement said.

(Photo: Trygve W Nodeland)

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