Belene nuclear power plant (NPP) was a project to be executed entirely through foreign crediting, which would be paid through with future electricity sales, Economy and Energy Minister Roumen Ovcharov said.

No funds would be allocated from the state budget for further construction works, Ovcharov said as quoted by Focus news agency.

Ovcharov said that cabinets in the future would incur losses because of the unreasonably accepted commitment for the closure of Kozloduy NPP units.

Belene NPP was going to be funded through loans and the attraction of strategic investors, said Ovcharov.

The National Electric Company (NEC) was going to own 51 per cent of the project, while the strategic investors would get the other 49 per cent, said he.

NEC and Belene NPP would sign an agreement for electricity purchase. Such an agreement would be needed as the prices of Belene production would be competitive on the liberalised EU energy market, said Ovcharov.