US and Partners Invest $275 Million in Romania's Small Modular Reactor (SMR) Nuclear Project

 In a significant move towards clean energy transition, the United States and its partners, including the UAE, have pledged a total of $275 million to support a small modular reactor (SMR) nuclear project in Romania. The US Export-Import Bank (Exim) has expressed its interest in providing up to $99 million in support to RoPower Nuclear, the project company responsible for deploying the SMR.

The collaboration extends beyond borders, with public and private companies from Japan, South Korea, and the UAE also contributing to the project's early stage support. These commitments will enable the procurement of materials, engineering and design analysis, project management expertise, and regulatory site activities.

Romania, in partnership with US company NuScale Power, embarked on this endeavor in 2021, aiming to reduce its reliance on fossil fuels. NuScale Power, predominantly owned by Fluor Corp., brings expertise in construction and engineering to the table.

Notably, the US International Development Finance Corporation and Exim have both expressed their interest in providing substantial support of up to $1 billion and $3 billion, respectively, for project deployment.

The anticipated SMR will not only drive the adoption of new and innovative energy technologies but also accelerate the clean energy transition, generate thousands of jobs, and bolster European energy security. It is crucial to emphasize that this project will adhere to the highest standards of nuclear safety, security, and non-proliferation, reinforcing the commitment to sustainable energy practices.

Romania's energy mix, encompassing gas, nuclear power, and renewable sources, reflects its commitment to diversify its energy sources and ensure a sustainable future. The recent discussions among the EU's energy ministers on incorporating nuclear power into the bloc's renewable goals highlight the growing interest in nuclear energy across Europe.

Countries such as France, historically investing in nuclear power programs, derive over 70 percent of their electricity from nuclear energy. The Czech Republic, Hungary, and Poland are among the EU countries advocating for nuclear power.

While some countries, including Japan and Germany, have shut down several reactors after the Fukushima disaster in 2011, the European Parliament has supported regulations that recognize investments in gas and nuclear power plants as environmentally sustainable.

With the pledge of $275 million and growing international collaboration, the SMR nuclear project in Romania exemplifies the global commitment to advancing clean energy solutions. It represents a pivotal step towards a sustainable future and serves as a testament to the transformative potential of nuclear power in the pursuit of a cleaner and more secure energy landscape.