Clean energy in the EU 

This expansion is a critical part of Romania’s national energy strategy, which takes a holistic approach to energy security and related economic growth goals. It also aligns with the EU’s clean energy targets for 2030, which include decreasing greenhouse gas emissions by at least 40%.¹

“The construction funded by these two deals is anticipated to do more than increase the plant’s power generation. It is expected to lead to a reduction of up to 10 million tons of greenhouse gas emissions per year,” said Anna-Mariya Duncheva, the client executive for SNN and a member of the J.P. Morgan Investment Banking team in EMEA

The project has received strong support from the Romanian government and international partners including the United States and Canada. The use of CANDU reactor technology and potential to collaborate with leading nuclear technology firms ensure that innovation, safety, and efficiency are prioritized as the project moves ahead. 

“It is our objective to deliver safe, available energy as planned, no delays, no cost overruns,” said Cosmin Ghita, chief executive officer at Nuclearelectrica. “This partnership is a recognition of the robustness of both projects and a reconfirmation of the complex role nuclear energy is to play on the long run, which I call trust, and I thank J.P. Morgan and the banking institutions for their professionalism and partnership.”  

“This deal supports the EU’s wider shift toward renewable energy,” said Milena Grayde, head of investment banking for Romania. “Nuclear provides 9% of the world’s energy². Currently, SNN meets 20% of electricity demand in Romania through nuclear energy, more than double the global ratio. When both projects are finished, that number is expected to climb to 40%.”

Emre Tuzun, who leads Central and Eastern European corporate banking, agrees. “This deal not only furthers Romania’s energy independence agenda but also demonstrates our commitment to advancing the EU’s climate objectives and supporting our clients across the region.”