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Commenting article: Bulgaria Secures German Investor for Belene Nuclear Plant

Bulgarian will for sure build its second nuclear power plant at Belene, Parliament Chair Tsetska Tsacheva has declared.

After Bulgaria's government of the center-right GERB party has been going back and forth for months on whether the Belene Nuclear Power Plant will be constructed, in the past couple of days both Prime Minister Borisov and Economy Minister Traikov made hints in favor of the nuke.

On Sunday, however, Parliament Chair Tsacheva made more definitive statements.

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#1
Jan Haverkamp - Greenpeace - 25 Oct 2010 // 09:59:16

I am puzzled why the editors of Sofia News Agency put this article as opening of their daily newsletter. I am puzzled why they saw any news-value in this at all. The chances on a German investor wanting to burn its fingers on a project that is environmentally, technically and economically so dodgy are virtually nil. @DrFaust: UniCredit has a nuclear policy that completely excludes Belene - and that is for any deal around the power plant. Belene is a no-touch project for western financiers and investors alike - and for good reasons. Ms Tsacheva just makes a fool of herself stating this, as did Mr. Ovcharov in the past with coming up with one financier or partner after another. Belene is too expensive, its siting is in a seismic active area where in 1977 120 people were killed in an earthquake, its technology still has to pass regulatory scrutiny.
I hope for the current Bulgarian government it finds fast a way to have to prevent paying Russia compensation payments - that is what seems to keep up any development of closing this murky chapter in Bulgarian history.

#2
DrFaust - 25 Oct 2010 // 08:17:30

Jerry,

"Is the German investor the DZM or KfW?"

As I understand the article says that they 'almost certainly found one' strategic investor. That doesn't really sound to me as if they have already a deal.

Considering previous premature statements regarding a strategic investor from Germany, I am very sceptical.

I don't know a company 'DZM', but I am sure that KfW will not be involved in this project. KfW is state-owned and will not give any money for a project that is so extremely dangerous (constructing a not tested hazardous Russian technology in an area that is highly under risk when it comes to earthquakes) and against any legal standards and procedures in Germany.

My strong guess (if they have really a strategic partner from Germany) is that Hypovereinsbank changed its mind and is willing to finance the project as originally intended.

Hypovereinsbank is owned by UniCredit Group (Milano) who owns also UniCredit Bulbank. Two of the biggest shareholders of UniCredit Group are the Central Bank of Libya and the Libyan Investment Authority.

#3
Jerry - 25 Oct 2010 // 01:34:00

Is the German Investor the DZM or KfW?

Will the real investor stand up!

#4
Dino the Athenian - 24 Oct 2010 // 23:43:19

Viva!

Big pay day for Bulgaria:

http://www.youtube.com/watch?v=xiw1XAb8G9A

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria