Slovenia's government issued a licence for the planning and construction of a second block of the Krsko nuclear power plant, "which marks the beginning of a long process, requiring broad public approval," Croatia's agency Hina reported on Monday citing Slovenia's Infrastructure Minister, Jernej Vrtovec.

The license was issued to the GEN-I company, which is partially owned by the government. “This is just the first step before the investment can be planned,” Vrtovec told a joint press conference with GEN-I’s Martin Novsak.

The license includes the construction of a third-generation nuclear plant with a pressure-type reactor on light water, and a power of 1100 megawatts and an annual capacity of producing almost 9,000 megawatt-hours of electricity.

“The foreseeable lifespan of the plant is estimated at 60 years, and it will have the highest safety standards and flexible working mode as its capacities can be adapted to the needs of the electricity system,” Vrtovec and Novsak said.

It is estimated that the plant could cost about €5 billion and GEN-I will finance the project through proceeds from electricity sold and loans and bonds; however, it hasn’t excluded the possibility of other partners participating in the project.

The second block at the power plant is part of Slovenia’s long-term plans and it will meet European criteria of climate neutrality, reduce the balance of fossil fuels, and dependence on imported energy needs.

“Our electricity system would become more robust and that would fit into the European Commission’s ambitious plan to quickly reduce the use of fossil fuels,” Vrtovec said.