The Export-Import Bank of the USA (EXIM) has approved a financial commitment of up to 99 million dollars in favor of the company RoPower Nuclear S.A. for financing the development of a nuclear project in Doicești.
“A joint venture between Nuclearelectrica and Nova Power & Gas, RoPower Nuclear has secured a $99 million financial commitment from the US Export-Import Bank (EXIM) to support the development of the Small Modular Reactor (SMR) project at Doicești, Romania,” a RoPower press release states.
This commitment is part of an initial funding package of $275 million, which includes significant contributions from other international institutions such as the US International Development Finance Corporation (DFC) and private partners.
“The project of small modular reactors (SMR) from Doicești is a strong signal given by Romania, together with its strategic partner, the United States of America. A signal for energy independence and security, a signal for innovation, a signal for a pragmatic green transition, from coal to nuclear energy, also a form of band production, a signal based on Romania’s competitiveness in the nuclear sector. The financing approved by US EXIM is a confirmation of the US commitment to this large-scale project, which positions Romania as one of the leaders of new nuclear technologies. I am convinced that by the end of the decade we can be among the first countries in the world with SMR, which will mean a historic opportunity to develop a local supply chain, and Nuclearelectrica has every chance to operate other such projects throughout the region,” said the Minister of Energy, Sebastian Burduja.
The Doicești SMR project, which uses NuScale Power technology, represents an important moment for the energy sector in Romania, which will implement this advanced, flexible nuclear technology with additional nuclear security measures. SMRs are valued for their ability to provide clean energy and their modular nature, which allows for more efficient integration into existing energy infrastructures. The project, which will begin construction after the completion of the second phase of design and engineering studies (FEED), will help Romania reduce carbon emissions by approximately 4 million tons annually.
“This financial commitment from EXIM Bank represents a vote of confidence not only in Romania’s ability to implement state-of-the-art nuclear technologies, but also in the solid partnership between our country and the United States. The financing will allow us to take decisive steps towards a safer, cleaner and more sustainable energy future, and Romania is thus positioned as a leader in energy innovation at the regional level,” added Cosmin Ghiță, CEO, Nuclearelectrica.
Funding from EXIM Bank is critical to moving the project forward, supporting critical activities such as site characterization, obtaining regulatory approvals and carrying out detailed engineering work. This positions Romania as a regional leader in clean energy innovation, contributing to the European Union’s ambitious climate goals.
The Doicești SMR project represents a strategic step for Romania, using international partnerships and advanced technologies to move away from fossil fuels, thus consolidating its position on the global energy scene.