Canada will provide 3 billion Canadian dollars (2.08 billion euros) in federal export finance to Nuclearelectrica, the operator of Romaninan nuclear power plant Cernavoda, to build two new CANDU nuclear reactors at the plant, Units 3 and 4.
The new Cernavoda reactors will leverage Canadian CANDU technology to deliver clean and reliable power to communities while contributing to Canada’s efforts to support European energy security, Jonathan Wilkinson, Canada’s minister of energy and natural resources, said in a press release.
The project is essential for strengthening Romania’s energy security and will enhance Romania’s potential to become an Eastern European energy hub, providing consumers in Romania and neighbouring countries with safe, clean, zero-greenhouse-emission energy at a fair price, the Romanian energy ministry said in a separate press release.
The addition of two CANDU reactors with a total capacity of 1,400 MW at Cernavoda will help Romania achieve its goal of phasing out coal from electricity generation by 2032, with CANDU-6 reactors supplying 36% of total electricity needs, up from the current 21%, the Canadian government said.
The financing offered by Canada will complement funding of up to $50 million from the U.S. export contract for pre-project technical services as part of the Engineering Multiplier Programme (EMP) and up to $3 billion from the U.S. export contract for engineering and project management services.