The shareholders of Romanian nuclear group Nuclearelectrica (BVB: SNN), where the state holds a 82.5% stake, have approved on February 12 the final investment decision in the Small Modular Reactors (SMR) Project from Doicesti, according to a company’s note to investors.

A budget of about USD 600 million is estimated for the next stage of the project, estimated to take 15 months, while the entire project is expected to cost around USD 4.9 billion with a wide approximation of +/-20%-30%, according to Profit.ro, citing documents from the Ministry of Energy, the project company, and Nuclearelectrica. 

The project is being developed by the joint venture RoPower Nuclear (RPN), owned in equal proportions by Nuclearelectrica, the operator of the Cernavodă power plant, and the private company Nova Power&Gas (NPG) from the E-INFRA group. The project will use the technology provided by the US company NuScale Power.

The shareholders also mentioned a set of additional conditions “designed to establish a framework of solid support and cooperation, at the level of partnerships and authorities, for the optimal implementation of the project.” 

Romania (RPN, most likely out of a credit line extended by Nuclearelectrica) will pay for a single mini-reactor of 77 MW with the SMR technology of the American company NuScale, out of the 6 expected to be installed in Doicești as part of the project to build a 462 MW nuclear power plant there, according to Profit.ro, citing a condition imposed by the Ministry of Energy last month. The remaining 5 will be paid only after it is proven that the first one is functioning properly.

Nuclearelectrica has not published the list of conditions (Annexes 3 and 6) that may prematurely put an end to the project or prevent the procurement of the last 5 reactors. Among the requirements mentioned by Profit.ro for the continuation of the project is the investigation and mitigation of the possible gas leaks reported at the construction site.

SNN’s shareholders approved “the conditions whose fulfillment is the basis for the feasibility of the Project and which, consequently, represent mandatory requirements that condition the feasibility of the Project, with the mention that failure to fulfill any of these conditions will make it impossible to carry out the Project, the Project being, in the event of failure to meet any of the above conditions, unfeasible,” according to the note to investors. 

The company noted that by this, Romania marks the most advanced step at the European level in the development of an SMR project.

"The Small Modular Reactors (SMR) project from Doicesti is the project through which Romania positions itself on the international map of the nuclear industry, through know-how and supply chain development, in a stage of the energy transition in which, globally and at the European level, modular reactors represent a solution in ensuring security and independence" energetic. International reports confirm SMR's global portfolio has grown 65% from 2021 to a planned capacity of 22 gigawatts. Thus, globally, SMRs have become a reality of supply and decarbonization security: accepted, developed, and accelerated,” commented Cosmin Ghita, General Manager of Nuclearelectrica.

Through the SMR project, the 600 MW installed in the former Doicesti thermal power plant will be replaced with 462 MW of clean energy.

About 4,000 jobs will be available during the development period: 200 permanent jobs, 1,500 during the construction period, and 2,300 jobs in manufacturing and assembly of components, in addition to the development of a related industry and attracting associated investments.

iulian@romania-insider.com

(Photo source: Nuclearelectrica.ro)