The development of new nuclear units in Romania has been discussing since 2003. The feasibility study conducted by Deloitte & Touche and presented to the SNN SNN Board of Directors in March 2006, identified as an optimal solution for the 3 and 4 units from Cernavoda, the establishment of a project company formed from local investors and foreigners.The Romanian government has shown its commitment to this project when it announced on September 14, 2006, the creation of two new nuclear units in Romania.

Units 3 and 4 have been in conservation since 1992. The total completion rate: about 15% at unit 3 and 14% at unit 4, consisting of civil works at the reactor building, the turbine building and the service building.

By the Government Decision no.643/2007, the Government of Romania approved the strategy for attracting investors in order to carry out units 3 and 4 from Cernavdoa CNE, including the graph of establishing the new company responsible for completing the project.Following the submission of offers, 6 companies were selected to carry out the project.Each investor obtaining a percentage of the total number of shares, proportional to the invested capital: Nuclearelectrica (51%), ArcelorMittal Romania (6.2%), CEZ Czech Republic (9.15%), GDF Suez Belgium (9.15%), Enel Italy (9.15%), Iberdrola Spain (6.2%) and Rwe Power Germany (9.15%).

On March 29, 2009, the project company was registered under the name of SC Enermonuclear SA at the Romanian Trade Register and the managerial team was designated.Energonuclear is a company with public-private capital.

Important steps in carrying out the project

- In November 2010, the European Commission issued the positive opinion on the project, according to the provisions of Art. 41 of the Euratom Treaty, which confirms the application of the technical criteria and what nuclear security in force at the EU level.

- between 2010 and 2011, a technical evaluation of the existing constructions on the site was made, resulting that they can be used to continue the project;

-In January 2012, the consortium made up of Lavalin CNS (Canada), Ansaldo Nuclear (Italy) and Elcomex IEA (Romania) is the only bidder for the "Engineering, procurement, construction and commissioning for units 3 and 4 of the Nuclear-Electric power station in Cernavoda",,

- In May 2012, CNCAN issued the comfort letter stipulating that the project is authorable;

- In September 2012, the feasibility study of the project was completed, which reveals that the project is technically and economic feasible;

- On September 25, 2013, the decision regarding the issuance of the Environmental Agreement for the project "Continuation of the construction and completion of units 3 and 4 to C.N.E. Cernavoda" was approved.

In 2011, GDF Suez, CEZ, RWE and Iberdrola investors withdrew from the project, motivating their decision by the need to concentrate investments in origin countries, against the background of the economic crisis.

As a result of the exercise of the exit option of the remaining investors (Enel and ArcelorMittal) in December 2013, SN Nuclearelectrica SA is the only shareholder of the project Energonuclear SA.

On 22.08.2014, the General Assembly of SNN shareholders approved Project Continue Strategy Units 3 and 4 Cernavoda By launching a competitive procedure for selecting a private investor (IP) in order to set up a company, respectively a joint venture.The procedure was launched on 27.08.2014, and the first stage, the qualification was concluded on 09.09.2014 with the qualification of investor China General Nuclear Power Corporation.After analyzing the intention documentation (investor experience in similar projects, the financial capacity, the degree of accession of the qualified investor at the Memorandum regarding the implementation of the project proposed by SNN and strategy), CGN was declared an investor selected on 17.10.2014 by signing a common letter regarding the intention to carry out the project.

On 22.10.2015, SNN shareholders approved in the general meeting of shareholders the signing of the Memorandum of Understanding regarding the development, construction, operation and decommissioning of units 3 and 4 from Cernavoda CNE, this being signed between the parties on 9.11.2015.Currently, the parties are in the process of negotiating the investor agreement and the constitutive act of the new project company.

On 17.10.2016, SNN shareholders approved the continuation of negotiations on the documents of the investment under the same conditions in the memorandum of understanding regarding the development, construction, operation and decommissioning of units 3 and 4 from Cernavoda CNE ("Mou"), until December 20, 2016, with the application of all the other provisions of any MOU, including any other provisions,Compensation by a simple written notification to the other party, if an agreement was not reached on the documents of the investment and insofar as the delay was not caused by the respective party.Following the negotiations related to the last stage of the selection procedure aimed at the investor agreement and the constitutive act of the new project company, a number of clear aspects were established regarding the duties and responsibilities of the companies involved, SNN and China General Nuclear Power Corporation.On December 21, 2016, the Ministry of Energy transmitted a press release informing that, given the complexity of the project and the commitment of the Romanian state in the long term, it considers that the most correct approach is to allow the new government an analysis regarding the decisions regarding the result of the negotiations and the steps to be followed.

In January 2017, the Inter -ministerial Commission approved the continuation of negotiations on the documents of the investment, starting the process of obtaining approvals from the Government of Romania and the SNN shareholders.On August 24, 2017, the General Assembly of SNN shareholders approved the continuation of the negotiations in the same conditions as those in the Memorandum for a period of 6 months and mandated the Board of Directors to approve the terms and conditions of the negotiations.Between September and October 2017, several rounds of negotiations were held on the documents of the investment.

In the extraordinary general meeting of SNN shareholders from 12.06.2020, the points introduced on the agenda by the majority shareholder, the Ministry of Economy, Energy and the Business Environment, namely: namely:

2. Repealing the strategy to continue the project Units 3 and 4 from CRANAVODA CNE by organizing a procedure for selecting investors (2014) as well as the revised strategy of continuation of the project Units 3 and 4 from Cernavoda CNE by organizing an investor selection procedure (2018).
3. Mandation of the Board of Directors of SNN to initiate the procedures/actions regarding the termination of negotiations with CGN, as well as the termination of the legal effects (by agreement of the parties, denunciation, etc.) of the following documents: “The memorandum of understanding, the construction, operation and decommissioning of units 3 and 4 from CNE CERNAVODAInvestors in preliminary form. ”
4. Mandation of the Board of Directors of SNN to initiate the necessary steps for analyzing and crystallizing strategic options regarding the construction of new electricity production capacities from nuclear sources.

Project Status

Stage I - the preparatory stage, started in 2021:

• September 2021, it was started by the reorbedrization of Energulear, the project company
• November 2021 - The first contract with Candu Energy Inc. was signed.For engineering services for the elaboration and updating of some documentation necessary to start the project of CAN 3 & 4 units (including updating the basic licensing documents, updating the nuclear security guides, updating the list of project changes with nuclear security functions, reassessing the srtructs, etc.).
• November 2022 - COP27: US Exim Bank announced the issuance of two letters of interest - $ 50 million for pre -propel technical services as part of the Engineering Multiplier Program (EMP) and USD 3 billion in US export contract for project engineering and management services;
• August 2023 - US Exim Bank approved the granting of a loan worth $ 57.27 million for financing the US engineering and design services within the Engineering Multiplier Program (EMP);
• September 2023: The Minister of Energy and Natural Resources in Canada has announced that he will support Canadian $ 3 billion project development from Cernavoda CNE.
• February 2024: Nuclearelectrica signed a memorandum of understanding with Sace and Ansaldo nuclear to advance the development and financing of the retechnologization of the unit 1 Cernavoda and units 3 and 4 Cernavoda, Ansaldo Nuclear expressed interest in formulating an offer for the provision of project and management services,of components and systems, mainly for the classic part of the boiler, ISR SACE the interest of financially supporting projects with
  the sum of up to 2 billion EUR.