Bulgaria’s Govt Approves EUR 600 M for Belene

Business » ENERGY | November 30, 2016, Wednesday // 21:33
Bulgaria: Bulgaria’s Govt Approves EUR 600 M for Belene BGNES

The government has approved EUR 601,617,133 from the budget surplus to be allocated as state assistance to the National Electric Company (NEK).

The funds must be used by the state venture to pay Russian Atomstroyexport for the equipment ordered for the Belene NPP.

Bulgaria was sentenced via international arbitration to pay the money, while Parliament adopted a law permitting the allocation of the assistance back in September.

Meanwhile, Bulgaria undertook the commitment to the Russian side to pay the principal by December 15 in exchange for which it will be remitted EUR 23 M in interest.

The assistance is lent by the Energy Ministry and NEK has undertaken the obligation to pay it back within 7 years.

The assistance is being allocated after receiving an opinion of the European Commission, reported the government press centre.

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Tags: Belene, Atomstroyexport, NEK, principal, interest
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