Photo: NuScale Power
Romania’s state-owned Nuclearelectrica approved the final investment decision for a 462 MW nuclear power plant using the small modular reactor (SMR) technology of United States–based NuScale. The media learned that only one of the six 77 MW units would be built first for testing, to determine whether to go ahead with the remaining five.
Romania is set to become the first in the European Union to deploy the technology of small modular reactors, but with a cautious approach. RoPower Nuclear is responsible for the SMR project at the site of a former coal power plant in Doicești. It is a joint venture of government-controlled Nuclearelectrica with Nova Power and Gas, NPG, of the Cluj-based E-Infra Group.
The 462 MW facility, initially valued at EUR 4.9 billion overall, would consist of six equal small reactors. NuScale, headquartered in the US state of Oregon, is the technology provider, with its VOYGR systems.
Shareholders of Nuclearelectrica approved the final investment decision for the endeavor northwest of Bucharest, in Dâmbovița county.
Series of additional conditions
Romanian news outlets reported that the key condition to accelerate the process was to adopt a plan for the construction and testing of just one 77 MW reactor first. The project would proceed with the remaining five SMR units if the trial is successful. RoPower would take responsibility only for the first reactor even if the rest of them are purchased, too.
In the statement about the decision, Nuclearelectrica only said it was “based on a series of additional conditions aimed at establishing a solid framework of support and cooperation, at the level of partnerships and authorities, for the optimal development and implementation” of the endeavor.
“The final investment decision for the SMR project in Doicești marks the transition from the analysis phase to the implementation phase, consolidating Romania’s position at the forefront of the new European nuclear industry. We are replacing 600 MW from a former thermal power plant with 462 MW of clean, stable, and predictable energy,” Minister of Energy Bogdan Ivan stated.
He added that the project would enter a phase of financial structuring and partnership consolidation over the next six months. It implies defining financing mechanisms and advancing discussions with potential investors, according to the minister.
Doicești means 60 years of clean energy
International reports showed that the global SMR portfolio has grown by 65% since 2021 to a planned capacity of 22 GW, said Chief Executive Officer of Nuclearelectrica Cosmin Ghiță. The goal is for the project to become operational at the beginning of the next decade, the company pointed out. In earlier projections, the first unit comes online in mid-2033.
The Doicești project means 60 years of clean energy, CEO of RoPower Valentin Ovidiu Nae asserted.
The investment would bring an estimated 200 permanent jobs, 1,500 during the construction period and 2,300 positions in the production and assembly of components, the update reads.
No go for DSPE’s fund
The Ministry of Energy holds over 82% of Nuclearelectrica. It recently rejected, for the second time, the attempt of DSPE Beta Private Equity Fund to enter ownership of RoPower.
Goldman Sachs recently entered ownership in NuScale through a purchase of a 9% stake. Vanguard Group increased its holding to 5.5%, and BlackRock lifted its stake to 3.4% from 2%. Fluor Corp., the largest stakeholder, remained at 37.3%, but it has expressed the intention to exit entirely by mid-year.
The site in Doicești is ready, with preparatory works and utility connections completed.
There is a possibility of using the SMR facility off the grid, just to power AI hubs and data centers.
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