DS Private Equity (DSPE) signed the Term sheet Agreement with Nuclearelectrica and Nova Power & Gas (part of the E-Infra Group), the shareholders of RoPower, which is the project company developing the Doicesti SMR Power Plant in Romania, with the intention to invest 75 million euro for the development of FEED 2 study.
Romania, through the project company RoPower, founded by Nuclearelectrica and Nova Power & Gas (part of the E-Infra Group), is the first country in Europe and the second after the United States to take the first steps toward the implementation of the NuScale VOYGRTM power plant with 6 modules and an installed capacity of 462 MWe within this decade.
The 75 million Euro amount to be invested by DSPE, which is headquartered in Seoul, is part of the multinational public-private partners’ commitment from the United States, Japan, the Republic of Korea, and the United Arab Emirates to provide up to $275 million for the Small Modular Reactor (SMR) Project in Romania.
The financial investment committed by DSPE will help fund the development of the Project, starting with Phase 2 of the FEED study, which consists in the activities for detailed site characterization, the initiation of activities to obtain authorizations, licensing and regulation, the precise schedule of the project, budget planning for project execution, and preparation for the purchase of long lead materials.
“Nuclearelectrica welcomes the financing support of DS Private Equity immediately after the announcement at the G7 by the Biden Administration as an example of mobilization & international cooperation for the SMR Project in Romania, the second country after the US to implement the innovative small modular reactor technology of the American company NuScale. We are proud the project in Romania is gaining the trust of important international financial institutions, which is a recognition of the robust project plan, the credibility and professionalism of the shareholders, and Romania’s proven track record in the nuclear power industry: more than 26 years of safe operation at the highest standards of excellence in the Cernavoda nuclear power plant, more than 50 years of development of the nuclear industry in Romania, rigorous nuclear industry regulator – CNCAN, and a performant nuclear engineering education system. I trust that with a professional, experienced partner such as DSPE, we are able to take the project to the next level,” said Cosmin Ghita, General Manager SN Nuclearelectrica SA.
“DSPE is pleased to be partnering with Nuclearelectrica and Nova Power & Gas to usher in a new chapter in nuclear energy. As we approach the crossroads of climate change and energy security, RoPower’s SMR Project in Doicesti shall set the standard in how international companies and governments can work together to implement a shared strategy and global vision. While advancing our mission to promote carbon-free power, we look forward to helping RoPower bring a new industry with new jobs to Romania,” added Soo Hyon Lim, Chief Executive Officer, DSPE
“DSPE’s decision to invest at this early stage of the project demonstrates its confidence in the Doicești RoPower project and NuScale SMR technology and serves as an indicator of the level of interest from the international industry. I am convinced that as the project matures, other companies will invest in SMR nuclear power plants in Romania and other countries. Now, after the signing of the MoU between NuScale, Samsung, Nuclearelectrica, Nova Power and Gas, Fluor and E-INFRA for the implementation of the project and the decision of DSPE to become an investor, we can say that we have an American-Romanian-South Korean partnership for this project. It is very likely that other countries will join this partnership soon,” also said Teofil Muresan, CEO, E-INFRA.