Belene financing scheme veiled in mystery

Upon that, Bulgaria’s Finance Minister replied that he would not give a cent from the budget for the construction of the Belene nuclear power plant neither in 2010, nor in the years to come. In order to implement the project, a lucid financing is required. He added that in times of financial and economic crisis money could not be spent on the construction of such plants. He believes that what is needed is a new strategic investor who will pay for the construction of the respective power plant and cover even the money spent so far.

PHOTO: Greenpeace

Prior to that, Traikov explained that it was not a loan but rather a construction credit. “Yet, the creditor will receive his money back through the profit of the future project company if there is one. It is a risk which he has to take,” Minister added. Bulgaria has spent a billion Euros for the construction so far and they can enter the new joint venture with another billion Euros. The source of the financing was not made explicit.

The loan will not be paid back by electricity as was the initial intention and no long-run contracts on electricity purchase will be signed for thermal power plants Maritsa Iztok 1 and Maritsa Iztok 3.

Chairman of the Parliamentary Commission on Economy, Energy and Tourism Martin Dimitrov requested a halt on the project because no financing was provided and it was not yet clear where the radioactive waste would be stored. Traikov answered that the plant’s construction would continue because otherwise, Bulgaria would have to pay defaults and would be prosecuted in court by the Russian party.