Slovenia: Bank says no to nuclear loan

An international bank consortium funding Slovak energy company Slovenske elektrarne (SE), including financial institutions ING, ERSTE, Société Générale and Intesa Sanpaolo, has pulled out of the Mochovce nuclear power plant project. The announcement follows a long campaign by Greenpeace and other environmental organisations highlighting the safety, security and financial risks associated with the project.

"The banks have finally woken up to their responsibilities. The announcement sends a strong signal: nuclear power is a risky business," said Jan Haverkamp, Greenpeace EU dirty energy campaigner.

The banks (see below) and SE have now agreed that no funding would go to nuclear projects in Slovakia, with the effect that the Slovak state and Italian utility company ENEL, SE?s majority stakeholder (66%), will have to foot the bill. The nine-bank consortium has pledged an ?800 million investment plan, which will no longer be used to expand the Mochovce plant, setting back plans to add two reactors designed in the 1970s, several years before the Chernobyl disaster 22 years ago.

SE has tried to dispute the move, but a spokesperson from the consortium has reiterated the announcement. "The bank consortium has clearly understood that the Mochovce project is completely outdated. This is a clear message for nuclear operators that the risks involved are taken seriously by the financial world," said Haverkamp.

Greenpeace filed a complaint with the European Commission on 11 April alleging a breach of competition rules by the Slovak state and market distortion in favour of SE.

Banks who are members of the consortium
ING (Netherlands), ERSTE Group / Slovenska sporitelna (Austria / Slovakia), Intesa Sanpaolo (Italy), KBC / CSOB (Belgium / Slovakia), Societe Generale / Komercni Banka CZ (France / Czech Republic), Societe Generale / Komercni Banka SK (France / Slovakia), Dexia (Belgium / France), Calyon (France), Mizuho Group (Japan).

More info
www.greenpeace.eu