The Ministry of Energy, the majority shareholder of Nuclearelectrica (SNN), has put the approval of the Final Investment Decision (FID) for the Small Modular Reactors (SMR) project in Doicești on the agenda of the AGM on February 12, 2026. Beyond the technical aspects, the project is moving into a stage where financing, capital structure, and execution credibility are becoming the main topics.
FID is more than just an administrative step. For large funds and strategic partners, FID means that the project has reached the maturity necessary for a capital decision: it is backed by studies and validations, it clarifies how it distributes its risks in terms of cost, term, supply chain, regulation, and revenue, and it begins to “speak” to the market in the language of investors—bankability, governance, predictability, delivery.
The investment decision is the moment when the project truly enters investors’ radar. In the current European and global context, energy investments are no longer evaluated exclusively on the basis of “installed MW,” but rather on the basis of strategic infrastructure, resilience, security, system integration, and compatibility with new large consumers—from industrial electrification to data centers.
In the press release issued by Nuclearelectrica, the key argument is that SMRs represent a solution for flexibility and complementarity with renewables, an alternative for reindustrialization for existing platforms, and a driver for regional development through supply chains and the training of a new generation of specialists. The new demand driver—data centers—also shapes the investment logic of the moment: projects capable of providing clean, firm, and predictable energy in the long term as elements of economic competitiveness.
In an interview with Financial Intelligence, the CEO of Nuclearelectrica emphasizes attracting equity partners for large projects. In the case of Units 3 and 4, he unequivocally states the direction: “As a means of financing, the objective is to attract equity, with SNN being one of the shareholders,” and the company does not talk about this target as an abstract intention, but as a step-by-step construction, supported by concrete instruments: “We have contributed financially, with a loan to EN of 841 million lei, convertible into shares.” For SMR Doicești, the message is that the approach remains unchanged: “The financing structure is similar to that of Units 3 and 4, with the attraction of equity.”
Beyond capital, credibility is needed
Ghiță insists on the elements that institutional capital needs: project discipline, governance, validated stages, and partnerships that reduce execution risk. “Nuclear projects are extremely complex per se,” he says, and their development “involves a lot of attention to detail, teams of experts highly specialized in different areas of development, involvement, commitment, and an enormous amount of work.” In terms of revenue, Nuclearelectrica shows that it works with the typical architecture of large European projects, where state support and market mechanisms become part of the model. In the case of Units 3 and 4, Ghiță points out directly that “the project benefits from the support of the Romanian state through the Agreement between the state and SNN, with the state providing guarantees, financing mechanisms, CfD, and in-kind contributions with heavy water reserves.” At the same time, the company reinforces its message of financial robustness with verifiable examples of financing attracted: “We have obtained €540 million in financing from the banking syndicate led by JP Morgan, which I believe is an argument for the solidity of the projects carried out by SNN,” and for EnergoNuclear he mentions “financial support of €80 million… from the banking syndicate led by JP Morgan.” For a large fund, such benchmarks are signals that the project is not only “strategic” but also “financeable.”
Ghiță insists that development is carried out “in compliance with the legislation applicable to nuclear projects and all corporate governance provisions, within the financial capabilities of SNN,” and the entire discourse on security—nuclear, cyber, organizational—is intended as an argument for institutional quality. “Nuclear specialists are hard to train, they must be protected and developed continuously. An operator that constantly invests in people is, in fact, investing in nuclear security and in its future,” says the CEO of Nuclearelectrica.
Energynomics returns to London in 2026: Capital, infrastructure, and energy security
Energynomics has built the 2026 edition of the London conference around the three changes that define the market: security, new demand (data centers), and capital selectivity. The event is organized with the support of the Romanian Embassy in London and the British Embassy in Romania, and confirmed speakers include the ambassadors of both countries—a confirmation that the dialogue is not only economic but also of strategic relevance.