Romania’s state-owned nuclear operator Nuclearelectrica has signed two financing agreements worth a combined €620m ($725m) with a banking syndicate* led by J.P. Morgan SE to advance the refurbishment of the Cernavoda-1 nuclear plant and preparatory work for the Cernavoda-3 and -4 new-build project.

The company said €540m will fund the second phase of Unit 1’s refurbishment programme, including procurement of long-lead equipment, engineering, design and permitting.