Nuclearelectrica signs letter of intent with the Three Seas Initiative Investment Fund to explore potential collaboration in the renewable energy sector

Nuclearelectrica announces that it has signed a Letter of Intent with the Three Seas Initiative Investment Fund to explore the possibility of a joint venture in the renewable energy production sector in Romania, in order to achieve common strategic objectives.

Nuclearelectrica, currently generating 33 percent of Romania’s clean energy and having strategic investment projects which will increase its clean energy contribution to approx. 66 percent by 2030, is seeking opportunities to further develop complementary projects, that would ensure an even greater increase in its contribution of clean energy production in Romania.

The Three Seas Initiative Investment Fund (the Fund) is interested to further identify and partner in complementary opportunities to support energy transition and energy security in the Three Seas Region.

To date, the Fund has made two investments in renewable energy (Enery Development GmbH and R.POWER SA) with significant development portfolios in the region, including Romania. The Fund is not permitted to make investments in the nuclear sector and any partnership with Nuclearelectrica would be in a separate ring-fenced entity focussed on renewable energy assets.

Romania has set very ambitious decarbonisation targets: reducing GHG emissions by 55 percent by 2030; reducing import dependency from 20.85 percent to 17.8 percent by 2030; eliminating up to 4.59 GWe of coal-fired power by 2032 and replacing it with clean energy sources.

“Nuclearelectrica, by operating the high performing Units 1 and 2 of Cernavoda NPP, is a strategic pillar for Romania’s energy security. By partnering with the Three Seas Initiative Investment Fund, to develop Renewable Energy Production Joint Venture in Romania we are looking to expand even more our contribution to Romania’s energy security, energy independence and consumer protection,” said Cosmin Ghita, Chief Executive Officer, Nuclearelectrica.