site.btaEnergy Minister Meets with Westinghouse Electric Company Management in Washington DC

During his working visit to Washington DC, Energy Minister Zhecho Stankov met with Dan Sumner, Deputy CEO and future CEO of Westinghouse Electric Company from March 2025. Stankov said that for the Bulgarian government, the implementation of the project for units 7 and 8 of the Kozloduy NPP is of strategic importance for the country and the region. With the construction of new nuclear capacities, Bulgaria will guarantee its energy independence, he noted, quoted the Ministry of Energy on Wednesday in  a press release. 

The meeting was also attended by Kozloduy NPP - New Build Executive Director Petyo Ivanov and MP and Chair of the parliamentary Budget and Finance Committee Delyan Dobrev from the Bulgarian side, and by President of the Westinghouse Energy Systems Business Unit Daniel Lipman, Senior Vice President and Chief Commercial Officer Jacques Besnainou, and Senior Vice President responsible for relations with government organizations Margaret Cosentino.

During the meeting, the implementation of the project was discussed and specific paces and deadlines for work were set so that its development would proceed according to plan. Minister Stankov stressed the need to accelerate the implementation process, without hindering good execution. He once again reminded that the Bulgarian side expects quality, speed and a competitive price at the same time.

The Minister of Energy highlighted Bulgaria's experience in nuclear energy and insisted on the effective participation of Bulgarian companies in the construction of units 7 and 8 at the Kozloduy NPP site.

Participants discussed the need for the project to comply with the Bulgarian legal framework and standards, and considered options for structuring the future contract for the implementation of engineering, procurement and construction (EPC) of the project.

A final investment decision is expected by the end of the year,  by then the financing will be secured, only then will the EPC contract be signed. This was the main topic of the meeting between Minister Stankov and the management of the EXIM Bank of the United States.  The financial structure and the provision of funds for the construction of units 7 and 8 of the Kozloduy NPP were commented on at the meeting, as a guarantee for the implementation of the project.

The options for securing financing for other key energy projects were also discussed.