Slovakia completed its first comprehensive feasibility study on small modular reactors, titled Project Phoenix. The study was developed in collaboration with the international engineering firm Sargent & Lundy, the Ministry of Economy of the Slovak Republic, and Slovenské elektrárne, a.s., as a key technical partner. The project was supported by the U.S. Department of State’s FIRST program (Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology), which promotes the safe and responsible global deployment of SMRs.
The study’s objective was to independently assess Slovakia’s technical, economic, environmental, and regulatory readiness for SMR deployment — reactors with an electrical output of up to 300 MWe.
Small modular reactors represent a strategic opportunity for Slovakia. They can strengthen our energy security, support decarbonization, and bring new investment to the regions. The study confirms that we not only have suitable sites, but also the technical know-how and experience to build on. We are already thinking ahead — electricity demand is expected to rise in the coming years, and SMRs are one of the viable options we are seriously considering to meet that challenge.
Branislav Strýček, Chairman of the Board and CEO of Slovenské elektrárne.
“Project Phoenix demonstrates Slovakia’s robust nuclear energy experience, infrastructure, regulatory framework, and industrial base provide a strong platform for early deployment of small modular reactor technologies under the highest international safety and security standards,” U.S. Deputy Chief of Mission Heather Rogers said. “We are delighted to support Slovakia’s efforts to strengthen energy resilience and shared prosperity and look forward to continued collaboration.”
Small modular reactors represent one of the options for how Slovakia can strengthen its energy sovereignty in the future and prepare for the growing demand for zero‑emission electricity. The study shows that by adhering to strict safety and regulatory conditions, Slovakia has the potential to join the countries that will assess this technology systematically and responsibly. “For the state, it is crucial that such decisions are based on expert analyses, international safety standards, and transparent dialogue with the public. I am glad that a new area of nuclear energy is taking shape in Slovakia, where we can make use of our many years of experience and thus also outline a clear direction for future generations of ‘nuclear experts’. Nuclear energy is experiencing its renaissance, and we must take timely steps — both in education and in preparing infrastructure, as well as in promoting support for nuclear energy across all platforms — so that we can then share the benefits of nuclear energy production at both the national and regional levels,” said Szabolcs Hodosy, First State Secretary of the Ministry of Economy of the Slovak Republic.
The study evaluated over 100 parameters based on recommendations from the International Atomic Energy Agency (IAEA), including external risks, geological conditions, environmental and safety factors, and site suitability. Four specific locations were assessed — Bohunice, Mochovce, Vojany, and U. S. Steel Košice — based on seismic stability, water availability, grid connectivity, and environmental impact. All four sites met the baseline criteria for SMR deployment. In parallel, the study reviewed advanced SMR designs from leading global vendors. Several of these technologies were found to be technically compatible with Slovak conditions and compliant with international safety standards.
“Sargent & Lundy conducted this SMR feasibility study for Slovakia in accordance with the highest international standards for nuclear power plant development. The report affirms that Slovakia is strategically situated to deploy SMRs, with several mature, safe, and secure SMR technologies available that align with the country’s needs and goals. All candidate sites assessed are viable, and Slovakia is primed to take the next steps should they choose to proceed” said Joshua Best, senior manager at company Sargent & Lundy.
Slovenské elektrárne views SMRs as a complementary solution to existing nuclear and renewable energy sources. The study recommends developing a tailored regulatory framework, conducting detailed site investigations, and continuing engagement with technology vendors. Public involvement and transparent communication will be essential throughout the process.
“Our goal is to foster an open dialogue with the public and the expert community. Decisions about the future of energy must be grounded in facts, trust, and broad societal consensus,” added Strýček.
The study marks a significant milestone in shaping Slovakia’s energy future. Within the next 10 to 15 years, SMRs could become a safe, clean, and economically viable addition to the country’s energy mix.
Small modular reactors (SMRs) are a new generation of nuclear power plants, typically with an electrical output of up to 300 MWe. Unlike traditional large-scale nuclear reactors, SMRs are designed as compact, factory-fabricated units that can be deployed more quickly, flexibly, and cost-effectively. They incorporate advanced safety features, including passive safety systems that can automatically cool the reactor without external power or human intervention. SMRs are seen as a promising solution for countries seeking to reduce emissions, strengthen energy security, and replace fossil fuel-based generation.
With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne, a.s. is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free of direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydropower plants, and 2 photovoltaic plants.
The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. Slovak Power Holding B.V. is the majority shareholder with 66%. (SPH), which is owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the company.
At the General Meeting held on 16 December, the company’s shareholders approved the payment of dividends. Approximately EUR 170 million will flow into the state budget, representing an important contribution to public finances at the end of the year. The Slovak Republic holds a 34% stake in Slovenské elektrárne, with shareholder rights exercised by the Ministry of Economy of the Slovak Republic. The remaining 66% is owned by Slovak Power Holding B.V., part of the international Energetický a průmyslový holding (EPH).
“Following EPH’s entry into Slovenské elektrárne and the successful commissioning of NPP Mochovce 3 in 2023, the company began to reduce its debt and reached a financial position that enabled the payment of dividends. In addition to taxes, Slovenské elektrárne will contribute EUR 170 million to the state budget through dividends. Thanks to the completion of Mochovce, Slovakia benefits from higher energy security, cleaner air, and a guaranteed price of baseload electricity for household suppliers.”
Branislav Strýček, Chairman of the Board of Directors and CEO
This is the first dividend payment in the company’s history since its privatization in 2006. Shareholders will receive a total of EUR 500 million in dividends from retained earnings. Until now, Slovenské elektrárne had reinvested all profits—primarily into the construction and completion of Mochovce Units 3 and 4. The total cost of this strategic project reached EUR 6.6 billion, making it the largest private investment in Slovakia.
In 2022, the company signed a memorandum with the state under which electricity suppliers for households purchase baseload electricity from Slovenské elektrárne at a price significantly below the market level. In 2023–2025, the company gave up unrealized revenues of approximately EUR 2.4 billion, protecting Slovak households and other protected customers from a sharp rise in energy prices.
With more than a 60% share of Slovakia’s total electricity generation, Slovenské elektrárne is the country’s largest electricity producer. After shutting down its last coal-fired power plant at the end of Q1 2024, the company now generates all electricity without direct CO₂ emissions. It operates five nuclear units, 31 hydropower plants, and two photovoltaic plants.
The company’s commitment to low‑carbon generation positions it as a leader in sustainable energy production in Central and Eastern Europe. Slovenské elektrárne has been included four times in the prestigious Europe’s Climate Leaders index compiled by the Financial Times and Statista since 2021.
Slovenské elektrárne, a.s., has two shareholders. The majority shareholder with 66% is Slovak Power Holding B.V., owned by the Czech energy group EPH. The Slovak Republic holds the remaining 34%.
Slovenské elektrárne, a.s., the largest electricity producer in Slovakia, has successfully entered the European green bond market. The first publicly tradable international issue for €750 million attracted extraordinary interest from investors – initial demand exceeded €4.8 billion, which is a clear sign of the market’s confidence in the company’s stability, transparency and sustainable heading.
The company thus borrowed funds from investors for seven years with an interest rate of 3.875%. The bonds came to market on 21 November 2025, the bonds are listed on the Euronext Dublin exchange and have a BBB rating from S&P and Fitch.
“Slovenské elektrárne’s debt was refinanced at the beginning of 2025 and our company enjoys the confidence of financial markets. This is our first foray into the green bond market on the international level. It will enable us to reduce the financing cost of increasing our competitiveness while giving due consideration to nature and the low carbon footprint of our powerplants,”
Branislav Strýček, Chairman and CEO of Slovenské elektrárne, a.s.
Around 300 investors placed orders and the strong interest enabled the electricity producer to reduce its borrowing costs.
By geographical origin, the largest group of investors was from the United Kingdom and from Ireland (42%), followed by Germany, Austria and Switzerland (18%), the rest of Europe (11%), the BeNeLux countries (11%), southern Europe (8%), the rest of the World (6%) and France (5%).
“Initial price guidance was set at 180 basis points but demand kept building and the spread was ultimately tightened to 140 basis points over mid swap*, with demand at €4.2 billion. It was the second largest investor interest in a corporate bond issue in Central Europe.”
Lukáš Maršálek, first vice chairman of the board of directors and Chief Director of Procurement, Services and International Relations at Slovenské elektrárne, a.s.
* Mid swap – the midpoint between the ask and bid prices for interest rate swaps. A spread of MS+140 basis points means that the interest rate of the bond is 1.4% higher than the current mid-swap for bonds with a maturity of 7 years.
In terms of investor type, a majority were investment funds (79%), followed by banks and private banks (7%), insurance corporations and pension funds (7%), hedge funds (6%) and other (1%).
The net proceeds will be allocated to finance or refinance eligible green projects in line with Green Finance Framework.
The S&P Global Ratings agency rated the company as “medium green” in the Green Finance Framework, which confirms that it is aligned with the international principles of green bonds and the European taxonomy. Furthermore, an independent report will be prepared each year detailing how the funds were used.
Slovenské elektrárne, the largest electricity producer in Slovakia, has concluded a new long-term contract with the Canadian company Cameco for the supply of natural uranium hexafluoride (UF6) to be used in nuclear power plants in Slovakia. The contract including the supply of uranium and conversion services is to provide a diversified and reliable source of natural UF6 to meet a significant portion of the needs of Slovenské elektrárne until 2036. Thanks to this contract the Mochovce and Bohunice power plants will have a stable and reliable source of fuel from 2028 onwards.
The signing of the contract was announced on behalf of Slovenské elektrárne by Pierre Poncik, Director of Trade, Market, Regulation and Dispatching, and Róbert Kňažek, Head of Fuels and Back End of Nuclear Energy, together with Cameco representatives, at an informal event during the World Nuclear Association Symposium in London on 5th September 2025.
“Conversion is one of the most critical parts of the nuclear fuel cycle – the process by which natural uranium is converted into a form suitable for enrichment and reprocessing. Slovenské elektrárne has succeeded in securing a long-term and reliable supply of a significant share of this key raw material until 2036, which is a significant step for Slovakia’s energy security. The contract is strategic for Slovenské elektrárne – allowing us to diversify our suppliers, reduce our dependence on one source, and at the same time guarantee the smooth operation of our nuclear power plants.
Branislav Strýček, Chairman and CEO of Slovenské elektrárne
Conversion is the chemical process by which natural uranium, usually in the form of uranium oxide (the so-called “yellowcake”), is converted into uranium hexafluoride (UF₆) – a substance that can be easily converted into a gas and is essential for the next step in the fuel cycle, which is enrichment. This process takes place in specialised facilities where uranium oxide is chemically treated with fluorine. Resulting UF₆ is then hermetically sealed in special containers and transported to enrichment facilities where the fissile isotope fraction of U-235 is increased. Conversion is therefore a key link in the nuclear fuel chain – without it, it would not be possible to prepare uranium for use in nuclear reactors.
“We are proud to play a key role in securing nuclear fuel for Slovakia. With this long-term contract, we are expanding our operations into a new market while supporting Slovakia with a stable and reliable supply of uranium fuel that will contribute to strengthening energy security in the region.”
Tim Gitzel, CEO of Cameco
Slovenské elektrárne generates more than 87% of its electricity from nuclear sources, positioning it among Europe’s climate leaders. After shutting down the last coal-fired power plant in 2024, the Company’s entire production is now free from direct CO₂ emissions. Thus, the contract with Cameco directly contributes not only to strengthening Slovakia’s energy security but also to achieving climate neutrality goals and maintaining reliable and stable electricity supply for households and industry in Slovakia.
With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free from direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydroelectric power plants, and 2 photovoltaic plants.
The Company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The Company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne has two shareholders. The majority shareholder, holding a 66% stake, is Slovak Power Holding B.V. (SPH), owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the Company.
Cameco is one of the world’s largest suppliers of the uranium fuel needed to secure energy future. Our competitive advantage lies in our controlling ownership of the world’s largest and most concentrated, low-cost uranium deposits, as well as our extensive investments in the entire nuclear fuel cycle – including stakes in Westinghouse Electric Company and Global Laser Enrichment. Energy companies around the world rely on Cameco as a partner in providing safe, reliable and carbon-free nuclear fuel. The company’s shares are traded on the Toronto and New York stock exchanges. The company is headquartered in Saskatoon, Saskatchewan, Canada.
Slovenské elektrárne, a.s., the largest electricity producer in Slovakia, signed a long-term contract on Friday, 25 July 2025, with Urenco Group, an international leader in uranium enrichment, in the presence of British Ambassador Nigel Baker. The agreement secures supplies of enriched uranium for the nuclear power plants at Bohunice and Mochovce until the mid-2030s. This partnership demonstrates our long-term commitment to diversifying nuclear fuel suppliers and strengthening Slovakia’s energy security.
“We are pleased that through future cooperation with Urenco Group, we can diversify our business relationships. It will significantly help us continue maintaining the stable and secure operation of our nuclear power plants.”
Branislav Strýček, Chairman of the Board of Directors and CEO of Slovenské elektrárne
This contract results from an international tender launched in early 2024. Amid geopolitical uncertainties and disrupted supply-demand balance in the nuclear materials market, securing stable and reliable supplies is crucial for the safe and uninterrupted operation of Slovak nuclear power plants.
“In today’s world, diversity of energy supply is a critical factor in national security. This long-term agreement between Urenco and SE helps Slovakia achieve that goal, ensuring a reliable alternative supply of enriched uranium to fuel Slovakia’s growing nuclear industry for years to come. I am delighted to see this close partnership between Urenco and SE, which also strengthens the bonds between Slovakia and the United Kingdom.”
Nigel Baker, British ambassador in Slovakia
The process of nuclear fuel production consists of four stages:
Uranium enrichment is technologically and financially the most demanding phase, with global capacities concentrated among just a few players. Therefore, access to reliable and diversified enrichment services is a strategic priority for every nuclear power plant operator.
“We are very proud at Urenco Group to be entering into a new market with a new customer, and I’d like to pay tribute to Slovenské elektrárne for placing their trust in us.”
Laurent Odeh, Chief Commercial Officer of Urenco
Slovenské elektrárne generates more than 87% of its electricity from nuclear power, positioning it among Europe’s climate leaders. Following the closure of the last coal-fired power plant in 2024, the Company’s entire production is free of direct CO₂ emissions. The contract with Urenco thus directly contributes not only to strengthening Slovakia’s energy security but also to achieving climate neutrality goals and maintaining reliable and stable electricity supply for households and industry in Slovakia.
With a share exceeding 70% of total electricity production in Slovakia, Slovenské elektrárne, a.s. is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free of direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydropower plants, and 2 photovoltaic plants.
The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. Slovak Power Holding B.V. is the majority shareholder with 66%. (SPH), which is owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the company.
Urenco is an international supplier of uranium enrichment services, fuel cycle products, and related solutions, with sustainability at the core of its business. For more than 50 years, Urenco has operated in a key segment of the nuclear fuel supply chain, understands the importance of energy security, and facilitates reliable supplies of low-carbon electricity production for customers worldwide.
Headquartered in London, United Kingdom, Urenco ensures diversity and security of supply for its customers globally through uranium enrichment facilities located in Germany, the Netherlands, the United Kingdom, and the USA.
Urenco positively contributes to global climate change goals through its core operations and has committed to achieving net-zero carbon emissions by 2040.
Integrating together a pumped-storage hydroelectric power plant and a modern battery storage represents a unique power-engineering project for increasing flexibility and efficiency of power grids in Slovakia and Europe. Slovenské elektrárne, as the only Slovak company included in to the ranking Europe’s Climate Leader, have been preparing such an innovative solution thanks to modernisation of the largest Slovak pumped storage hydroelectric power plant on Čierny Váh. The project has the potential to reduce the generated amount of CO2 emissions and enable better integration of electricity generation from renewables.
“The SE Integrator project positively presents our country, Slovakia. It shows that we have a vision and we can prepare and implement world-class projects and as a country we can lead not only in nuclear, but also in hydropower engineering. We are connecting it with the latest available technology in order to extend service life of the pumped storage power plant and increase energy security of Slovakia.”
─ Milan Ilčík, hydropower plants director
The power grid, with raising number of renewables connecting, faces the differences between forecast and real generation from these sources, which are hard to forecast. At the same time, the peak generation from photovoltaic power plants (particularly during the day) and minimum consumption at the same time, there is a large energy surplus and on the other hand, at the time when these sources don’t generate, there is a lack of electricity in the grid. Surplus or lack of electricity must be compensated using variable electrical equipment, able to store energy and then deliver it quickly into the power grid. This will be the role of the SE integrator.
SE Integrator has the statute of a “Project of Common Interest” (Projekt spoločného záujmu) and it has received at the beginning of 2025 support for the preparatory phase of the project from the European grant Connecting Europe Facility Studies in the amount of more than EUR 2 million. The public consultation on the project took place on Thursday 15 May 2025 in Kráľova Lehota Culture Palace. Professionals and lay public both participated. For more information on the project SE Integrator see the booklet.
With more than 70% share in the overall electricity production in Slovakia, Slovenské elektrárne, a.s. is the largest electricity producer in the country. After shutting down the last coal-fired power plant, at the end of the first quarter of 2024, it generates all its electricity without direct CO2 emissions. It operates 5 nuclear units, 31 hydroelectric power plants, and 2 photovoltaic power plants.
Company´s commitment to generate electricity from low carbon sources makes it the leader in sustainable energy generation in the Central and Eastern Europe. The Company was listed four times in the prestigious index Europe's Climate Leaders prepared by The Financial Times and Statista since 2021. In 2025, Slovenské elektrárne was included into the ranking as the only company from Slovakia.
Slovenské elektrárne, a.s. has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH) owning 66% of the share capital. A 50% stake in the share capital of SPH was owned by Energetický a průmyslový holding (EPH) and the remaining 50% is owned by the biggest Italian company Enel. The share of the Slovak Republic in Slovenské elektrárne represents 34%.
In December 2024, Enel and EPH signed an agreement under which EPH, as foreseen by the early redemption option, will purchase 50% of the share capital currently held by Enel in SPH. The closing of the transaction, which is expected in the first half of 2025, is subject to meeting certain conditions, including regulatory approvals.
Slovenské elektrárne became the Europe's Climate Leader. For the fourth time in a row. In addition, for 2025 as the only company from Slovakia. Europe's Climate Leaders are ranked annually by Financial Times daily in cooperation with Statista. They evaluate European companies according to their progress in reducing greenhouse gas emissions. In addition, Slovenské elektrárne were excellent again this year.
Currently, 600 companies are included in the ranking from the original long list of approximately 2,000 entities. To be included into the list, companies must meet a key threshold of reducing their baseline emissions intensity by more than 3% per year. Slovenské elektrárne has improved compared their last year's ranking. In 2018 - 2023 evaluation period, we decreased CO2 amount by more than 52%, compared to more than 45% in the previous year belonged to the evaluation period of 2017 - 2022.
The power industry is not only about megawatts and power plants. It is also about responsibility and commitment. A commitment to a country that needs stable and secure electricity supplies. A commitment to the people depending on us every day to deliver ecologically clean and low-carbon energy. The Europe's Climate Leader award is a great satisfaction for us. I am sure that our upcoming investment projects will strengthen our position in the ranking.
– Branislav Strýček, Chairman of the Board of Directors and General Director of Slovenské elektrárne
Having more than 70% share in the overall electricity production in Slovakia, Slovenské elektrárne is the largest electricity producer in the country. After shutting down the coal-fired power plant at Nováky at the end of 2023 and the power plant at Vojany at the beginning of 2024, we generate 100% of our electricity without direct CO2 emissions. Commissioning of Unit 3 of the Mochovce Power Plant has a significant ecological effect. These important events will be included in the next year´s evaluation which can bring us even better ranking. However, for the years to come, we will continue to promote the reduction of greenhouse gas emissions. Our new investment projects should contribute to this: Unit 4 at Mochovce, SE Integrator Čierny Váh, battery storages and construction of the small modular reactor (SMR) within the Phoenix Project.
Slovenské elektrárne, a.s. has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH) owning 66% of the share capital. A 50% stake in the share capital of SPH is owned by Energetický a průmyslový holding (EPH) and the remaining 50% is owned by the biggest Italian company Enel. The share of the Slovak Republic in Slovenské elektrárne represents 34%.
In December 2024, Enel and EPH signed an agreement under which EPH, as foreseen by the early redemption option, will purchase 50% of the share capital currently held by Enel in SPH. The closing of the transaction, which is expected in the first half of 2025, is subject to meeting certain conditions, including regulatory approvals.
Slovenské elektrárne, a.s., has launched hot hydro test of Unit 4 of Mochovce nuclear power plant. The largest electricity producer in Slovakia will perform pressure and tightness tests of the primary circuit and reactor, functional tests of primary and secondary circuit equipment, safety systems, ventilation systems, electrical and I&C system.
"Mochovce 4 has passed through significant milestones – cold hydro test and small revision. With the hot hydro test, we are in the next stage of the inactive testing programme. Our goal is to load nuclear fuel into the reactor this year once all the necessary tests and revisions have been carried out, so that we can generate more electricity reliably and without direct CO2 emissions."
Branislav Strýček, Chairman of the Board of Directors and CEO of Slovenské elektrárne
Mochovce 4 has already undergone cold hydro-test and subsequently small revision of the primary circuit equipment. During the cold hydro test, the primary circuit was heated up to 130 °C and pressurised up to 13.7 MPa, which is more than 111 % of the operating pressure. In addition to steam generators, Slovenské elektrárne also tested feedwater and live steam at the pressures of up to 7.65 MPa, or 166 % of the operating pressure.
"The project is progressing according to the schedule approved by the shareholders, which is due to the professionalism and commitment of the project team."
Richard Green, Project Director of Mochovce 3&4
Both Unit 3 and Unit 4 at Mochovce have the installed capacity of 471 MW and together will cover approximately 26 % of electricity demand in Slovakia.
With over a 70 % share of the total electricity produced in Slovakia, Slovenské elektrárne is the largest power generating company in the country. After shutting down its last coal-fired power plant at the end of the first quarter of 2024, Slovenské elektrárne now produces electricity free of direct CO2 emissions, operating 5 nuclear units, 31 hydroelectric and 2 photovoltaic power plants.
The company's commitment to producing electricity from low carbon sources positions it as a leader in sustainable energy production in Central and Eastern Europe. The company has been included three times in the prestigious Europe's Climate Leaders index, prepared since 2021 by the Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH), owning a 66%. In SPH, 50% of the share capital is owned by the Czech energy group Energetický a průmyslový holding (EPH), and the remaining 50% is owned by Italy's largest electric company Enel. Slovak government controls 34% of SE.
In December 2024, Enel and EPH signed an agreement through which EPH, as foreseen by the “early call option”, will purchase the 50% of the share capital, currently held by Enel in SPH. The closing of the transaction, expected to occur in the first half of 2025, is subject to certain conditions precedent, including regulatory approvals.
Slovenské elektrárne, the largest power generating company in Slovakia, has successfully entered into a new €3.6 billion Term and Revolving Facilities Agreement with a syndicate of international banks. This is the largest corporate debt refinancing in Slovakia to date.
Lenders under the Term and Revolving Facilities Agreement have committed to provide funding to Slovenské elektrárne in an aggregate amount of €3.6bn equivalent split across €1,665m of amortizing 3-year term loan, €1,665m bullet 5-year term loan and a €250m 2-year revolving credit facility. The proceeds will primarily be used to refinance existing senior and subordinated indebtedness and fund general corporate purposes, including working capital.
Branislav Strýček, Chairman of the Board and CEO of Slovenské elektrárne, commented:
"This means we will pay lower interests, and our collateralized assets will be liberated. The refinancing is a clear sign of the banks' confidence in our Company. It is the best endorsement we can receive when financial institutions demonstrate the robust trust in our Company's stability and prospects, particularly given our predominant focus on nuclear power generation. Completing the nuclear power plant Mochovce 4 is the Company's primary short-term objective."
UniCredit acted as Global Coordinator and Agent, with A&O Shearman serving as Slovenské elektrárne’s legal advisor and Clifford Chance as lenders’ counsel.
Slavomír Beňa, Deputy CEO of UniCredit Bank, commented:
"UniCredit is honoured to have acted as Global Coordinator and Agent for this landmark transaction, which stands as the largest deal of its kind in the history of Slovakia. This achievement underscores our commitment to deliver innovative financial solutions and highlights our position as a leader and a trusted partner in supporting major transformational projects for our clients and the region’s economic growth and sustainability."
Michele Amadei, UniCredit Head of Corporates CEE, commented:
"Our role as Global Coordinator confirms our status as a leading bank in Central and Eastern Europe and our ability to meet the full range of our clients’ needs with diverse and tailored solutions. This deal was a milestone for all of us and continues our excellent and long-term relationship with Slovenské elektrárne."
With over a 70% share of the total electricity produced in Slovakia, Slovenské elektrárne is the largest power generating company in the country. After shutting down its last coal-fired power plant at the end of the first quarter of 2024, Slovenské elektrárne now produces electricity free of direct CO2 emissions, operating 5 nuclear units, 31 hydroelectric and 2 photovoltaic power plants.
The company's commitment to producing electricity from low carbon sources positions it as a leader in sustainable energy production in Central and Eastern Europe. The company has been included three times in the prestigious Europe's Climate Leaders index, prepared since 2021 by the Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH), owning a 66%. In SPH, 50% of the share capital is owned by the Czech energy group Energetický a průmyslový holding (EPH), and the remaining 50% is owned by Italy's largest electric company Enel. Slovak government controls 34% of SE.
In December 2024, Enel and EPH signed an agreement through which EPH, as foreseen by the “early call option”, will purchase the 50% of the share capital, currently held by Enel in SPH. The closing of the transaction, expected to occur in the first half of 2025, is subject to certain conditions precedent, including regulatory approvals.
Slovenské elektrárne started the cold hydro test of Unit 4 of the Nuclear power plant in Mochovce on 2 December 2024. This is an important step towards the commissioning of the plant and the first comprehensive test in which the reactor systems are in operation together with auxiliary systems. Its main objective is to demonstrate the quality, tightness and functionality of the plant's systems and equipment, including the reactor pressure vessel, piping, pumps and valves.
"Following the successful completion of the inactive functional tests, we are entering the second phase of the inactive tests of the plant commissioning process. These are the so-called staged inactive testing programmes. The first of them is the cold hydrotest of the primary circuit," said Peter Andraško, deputy project director of the Mochovce Unit 4 completion.
Unit 3 of Mochovce, which has been producing electricity since 2023, has also undergone the same tests.
"A small revision, a hot hydro test and a large revision will follow, which will end the inactive tests. Once the fuel loading application is approved by the Nuclear Regulatory Authority of the Slovak Republic, we will load nuclear fuel into the reactor and start active tests," explained Martin Mráz, director of completion and commissioning of systems at Mochovce Unit 4.
Both Unit 3 and Unit 4 have an installed capacity of 471 MW and together will cover approximately 26 % of electricity consumption.
More than 70 % of all electricity produced in Slovakia comes from Slovenské elektrárne. Thanks to its 5 nuclear units and 31 hydroelectric power plants, and after shutting down its coal-fired facilities, the company generates 100 % of electricity free of direct CO2 emissions. The company was repeatedly included in the prestigious Financial Times: Europe’s Climate Leader index since it was introduced in 2021.
The company has two shareholders. The majority shareholder is Slovak Power Holding B.V. (SPH) owning the 66.0000000523 % share of the registered capital. 50 % share of the registered capital in SPH is owned by EP Slovakia B.V. (a daughter company of the EPH Group) and the other 50 % is owned by Enel Produzione S.p.A (a daughter company of the Enel Group).
The minority shareholder of Slovenské elektrárne with the 33.9999999477 % share of the registered capital is the Slovak Republic represented by the Ministry of Economy of the Slovak Republic.
