UPDATE 1-RWE seeks partner for Bulgaria nuke plant

* Russian, Finnish groups seen as candidates

* RWE needs partner to hedge risks, share financing

* Plant expected operational 2014-15 (Adds details, background)

SOFIA, May 27 (Reuters) - German utility RWE (RWEG.DE) is in talks with three companies to pick a partner for its 49 percent stake in Bulgaria's Belene nuclear power project, Bulgaria's state-owned utility NEK said on Wednesday.

A spokeswoman for NEK quoted the company's executive director Mardik Papazian as saying that Russia's electricity trader Inter RAO (IRAO.MM) and a Finnish company were among the candidates to split the stake with RWE.

A spokesman for RWE in Germany confirmed his company was in talks with third parties over its stake in the 2,000 megawatt plant, due to become operational in 2014-15, but declined to name them or give other details.

NEK, which has a controlling stake in Belene, and RWE last year signed a deal to build Bulgaria's second nuclear power plant at the Danube River as part of Sofia's efforts to recover its position as a major power exporter in the Balkans.

RWE has been seeking to find a partner since last year to hedge the risk and split the funding burden, industry officials say. The Bulgarian government says Belene will cost 4 billion euros but analysts estimate the costs at over 6 billion.

Earlier this year, French utility GDF Suez (GSZ.PA) decided not to take part in the Belene project, saying it wanted to focus on its other nuclear projects instead. GDF's Belgian subsidiary Electrabel was in talks to take part of RWE's share.

NEK has contracted Russia's Atomstroiexport to build the two 1,000 megawatt reactors but has yet to ensure the funding for the plant.

NEK has picked French bank BNP Paribas (BNPP.PA) to help it arrange the financing but a source familiar with the process has said banks had not shown interest so far due to the global crisis and, in some cases, doubts about the project's viability.

With private sector funding sources for very large projects drying up, Belene's financing options lie with state-backed export credits, industry officials say.

The Socialist-led government has said it was holding talks with Moscow, which has expressed interest in providing a 3.8 billion euro loan to Bulgaria for the plant.

But Bulgaria's right wing opposition has urged a freeze on Belene, saying the financing would be too costly in times of tight liquidity and that it would increase dependence on Russia. (Reporting by Tsvetelia Ilieva and Anna Mudeva; Editing by David Cowell)