COMMISSION DECISION
of 25 September 2007
on measure C 45/06 (ex NN 62/A/06) implemented by France in connection with the construction by AREVA NP (formerly Framatome ANP) of a nuclear power station for Teollisuuden Voima Oy
(notified under document number C(2007) 4323)
(Only the French version is authentic)
(Text with EEA relevance)
(2008/281/EC)
1. PROCEDURE
2. DESCRIPTION
2.1. The Olkiluoto 3 project
2.2. Financing
2.2.1. The credit facility
2.2.2. The loan guaranteed by Coface
2.2.3. The bilateral loans
2.2.4. Synopsis of the financial package and the chronology of events
Source of financing |
amount (EUR) |
Proportion of project cost |
Increase in capital of TVO |
[…] million |
[15-30] % |
Subordinated shareholder loan |
[…] million |
[0-15] % |
Credit facility |
1,35 billion |
approx. 42 % |
Loan guaranteed by Coface |
570 million |
approx. 18 % |
Bilateral loans |
[…] million |
[15-30] % |
Total |
> 3 billion |
100 % |
Date |
Event |
Before September 2002 |
Selection by TVO of the nuclear reactor for the power station (procedure for obtaining the corresponding permits) |
September 2002 |
Launch of the tender invitation (the criteria for assessing the bids set out in the tender documents do not include the provision of financing by the bidders) |
March 2003 |
Receipt of the bids by TVO and start of the assessment procedure |
May-June 2003 |
Alongside and independently of the assessment procedure, TVO asks the bidders to comment on the possibility of obtaining an export credit as an alternative source of financing |
August-September 2003 |
TVO launches an invitation to tender for banks interested in providing a EUR 2.5 billion syndicated loan |
15 October 2003 |
The AREVA NP/Siemens consortium is notified by TVO of its ‘preferred bidder’ status |
11 November 2003 |
Commitment by five banks to provide up to EUR 2,5 billion |
1 December 2003 |
Following the positive decision by the CGCCE of 17 November 2003, Coface issues the promise of a guarantee to AREVA NP in respect of a EUR 570 million export credit |
17 December 2003 |
Signing of the EUR 1,95 billion syndicated credit facility (with no Coface guarantee) to cover total financing needs with the support of shareholders and the other bilateral loans |
18 December 2003 |
Signing of the commercial contract between TVO and the AREVA NP/Siemens consortium for the construction of the nuclear power station |
End December 2003-January 2004 |
TVO begins discussions with the banks on the terms and conditions of an export credit |
4 February 2004 |
The terms and conditions of an export credit are agreed on by TVO and the banks (in particular, fixing of the bank spread) |
25 March 2004 |
Signing of the EUR 570 million loan guaranteed by Coface and subsequent reduction of the syndicated credit facility to EUR 1,35 billion |