Nuclearelectrica considers renewables JV with Three Seas Initiative

Nuclearelectrica SA is considering the creation of a renewables joint venture in Romania with Luxembourg-based infrastructure investor Three Seas Initiative Investment Fund SA SICAV-RAIF (3SIIF).

The Romanian state-controlled nuclear plant operator said in a bourse filing on Thursday it has signed a letter of intent with 3SIIF to study the possibility of establishing a joint venture in Romania’s renewable energy production sector. The fund is not allowed to invest in nuclear and if it partners with Nuclearelectrica, this would be in a separate renewables-focused entity.

3SIIF is an international venture focused on essential infrastructure investments in the countries between the Baltic Sea, the Adriatic Sea and the Black Sea. It was launched by the presidents of Poland and Croatia in cooperation with the presidents of the 10 other countries of the region. The fund has so far made five investments, including two in the renewables sector, namely Enery Development GmbH and R.POWER SA, which both have development portfolios in the region, including Romania.

“By partnering with the Three Seas Initiative Investment Fund, to develop Renewable Energy Production Joint Venture in Romania we are looking to expand even more our contribution to Romania’s energy security, energy independence and consumer protection," said Nuclearelectrica chief executive Cosmin Ghita.

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