The development of new nuclear generating units in Romania has been on the agenda since 2003. The Cernavoda Nuclear Power Plant Units 3 and 4 (the Project) utilizing the CANDU technology have been under preservation since 1992. Total completion ratio as of now is as follows: Unit 3 is almost 15% complete while Unit 4 is 14% complete, which means that civil works have been essentially performed on the Reactor, Turbine and Service Buildings. On 9 November 2015, CGN and SNN signed the Memorandum for the development, construction, operation and decommissioning of Cernavoda NPP Units 3 and 4 (MoU). At present, SNN and CGN are in the negotiation process of the Investors Agreement (IA) and the Articles of Incorporation of the Joint Venture Company (JVCo) as the sole platform to implement the project going forward.
        Restarting C3&4 will significantly contribute to Romania’s energy strategy, including carbon emissions and electricity exports, and makes it possible to reinvigorate valuable existing assets. The Project will inject tremendous impetus into nuclear industry related businesses to promote revenue increase, job creation and overall economic growth of the country. Specifically, around 20%-30% of the Project’s EPC scope worth around 1.8 billion euros based on current estimates will be awarded to Romanian companies, directly or indirectly. A total of 5000 to 20000 jobs are expected to be created during the course of the construction, directly or indirectly. Once in operation, the Project is expected to create around 5000 jobs, directly or indirectly, with operations assigned to the local Romanian utility.