According to a formal investigation by the Prime Minister’s Control Body, state-controlled Societatea Națională Nuclearelectrica (SNN) helped finance the acquisition of the Doicești land plot by its private joint-venture partner, Nova Power & Gas, at a price sixteen times higher than the original purchase cost. The transaction, executed through the project company RoPower, transferred roughly 50 hectares of land and associated infrastructure for 45 million euros, prompting intense scrutiny over public fund allocation and corporate governance.
Prime Minister’s Control Body Investigation Findings on RoPower
The Prime Minister’s Control Body report details how the state-owned nuclear enterprise Nuclearelectrica funded the transaction through shareholder loans. Public records show that in December 2021, Nova Power & Gas acquired the initial land portion of approximately 52 hectares for about 2,8 milioane de euro. By June 2025, that same surface area was transferred to RoPower—a company held equally by SNN and Nova—for a total sum of 45 million euros including VAT, according to the official findings.
Did you know? The Doicești site was selected for Romania’s Small Modular Reactor (SMR) project despite ranking second among nine evaluated locations by the American consultant, according to the Control Body report.
The Refactoring Mechanism and KPMG Valuation Discrepancies
Investigators highlight that the final price combined a direct sale valuation of 24,5 milioane de euro with a refactoring agreement of 22,05 million euros. An independent valuation conducted by KPMG set the market value of the site at 24,45 million euros, excluding roughly 19 million euros in expenses that experts judged did not add direct value to the land, such as internal capital interest and building renovations. Despite these exclusions, Nova refactored 19,49 million euros excluding VAT back to RoPower. This included 5,44 million euros in interest on Nova’s own capital and construction work handled by Electrogrup, an affiliate within the same corporate group.
Corporate Governance and Voting Threshold Adjustments
The Control Body report points to a critical shift in voting rules just seven days before the land purchase contract was signed. RoPower’s General Meeting of Shareholders, backed by the vote of Nuclearelectrica’s representative, raised the contract approval threshold from 5 million euros to 50 million euros. This procedural adjustment permitted the 45-million-euro transaction to pass through the Board of Directors alone, bypassing the stricter oversight usually required by the General Assembly and shielding the move from broader public scrutiny.
Nova Power & Gas Response and Reversibility Terms
In an official statement released in response to the findings, Nova Power & Gas maintained that the transaction is fully reversible and generates zero losses for RoPower. The company asserted that the 2025 sale involved entirely different assets than those bought in 2021—namely, 50 ecologized hectares, a newly built 110 kV/20 kV transformer station valued at 12 million euros, a 600 MW grid connection capacity, and a modernized office building. Nova stated that RoPower retains notification rights valid until October 1, 2026, allowing the project company to reverse the purchase entirely, recover payments, and avoid settling extra site-preparation costs totaling 19 million euros.
Financial Disbalance and State Exposure
Total project expenditures at Doicești reached 275.8 million USD by March 2026, with Nuclearelectrica providing the vast majority of financing via shareholder loans amounting to roughly 228.6 million USD. Investigators concluded that while the state enterprise shoulders the massive financial risk and cash flow burden, the private partner retains a 50 percent stake in RoPower despite a limited initial capital contribution. The Control Body noted that this setup lacked economic justification and exposed public finances to profound structural imbalances.
Frequently Asked Questions
What is the Small Modular Reactor (SMR) project at Doicești?
The Doicești SMR project is an initiative aimed at deploying advanced nuclear reactor technology on the site of a former coal-fired power plant in Romania to bolster national energy independence.
Who owns RoPower?
RoPower is a project company established as a joint venture between state-owned Societatea Națională Nuclearelectrica and private firm Nova Power & Gas, each holding equal shares.
What did the Prime Minister’s Control Body conclude about the land sale?
According to the Control Body report, the private partner sold land and refactored development costs to RoPower at a valuation roughly sixteen times higher than the original acquisition price, using loans provided primarily by the state partner.
Can the land transaction be reversed?
Nova Power & Gas states that RoPower holds valid notifications allowing a full reversal of the purchase and recovery of payments up until October 1, 2026.
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