US and Partners Commit $275 Million to Romanian Small Modular Reactor Project, Advancing Clean Energy Transition

 

The United States, in collaboration with its partners, including the United Arab Emirates (UAE), has announced a significant financial commitment of $275 million towards a small modular reactor (SMR) nuclear project in Romania. This endeavor is part of a broader initiative aimed at supporting the global transition to clean energy.


The US Export-Import Bank (Exim) has issued a letter of interest, expressing potential support of up to $99 million to RoPower Nuclear, the project company responsible for deploying the SMR technology in Romania. The White House confirmed this development on Saturday, highlighting the importance of fostering clean energy solutions.


The project has secured a total of $275 million in early-stage support, with contributions from public and private entities in Japan, South Korea, and the UAE. The involvement of international partners underscores the collaborative nature of this endeavor and the shared commitment to advancing sustainable energy practices.


NuScale, the company responsible for developing the SMR technology, is predominantly owned by Fluor Corp, a renowned construction and engineering company. The project's progress has garnered interest from various financial institutions, further reinforcing its potential for success.



The US International Development Finance Corporation and Exim have also expressed their interest in supporting the project, with potential commitments of up to $1 billion and $3 billion, respectively, for the deployment phase. These substantial investments highlight the significance of the project and its potential to drive innovation, create employment opportunities, and bolster European energy security.


The White House emphasized that the successful implementation of the SMR technology will pave the way for the adoption of new and innovative energy solutions. It is expected to expedite the clean energy transition, create thousands of jobs, and uphold the highest standards of nuclear safety, security, and non-proliferation. This collaborative effort showcases the commitment of the US and its partners to a sustainable and secure energy future.

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