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Canadian nuclear industry welcomes announcement of export financing for CANDU projects in Romania 

September 19, 2023

The Canadian Nuclear Association welcomes the announcement that Canada is set to make available up to $3 billion in export financing to Nuclearelectrica S.A., the operator of the Cernavoda Nuclear Generating Station in Romania, to support Canadian participation in their nuclear projects. Romania currently generates over 20% of its electricity from CANDU reactors, and has a plan to increase this to over 35% in the 2030s. 

Canada has a long history of supporting the deployment of nuclear power across the globe, ensuring that millions of people can enjoy the benefit of clean, reliable, and sustainable electricity,” said John Gorman, President and CEO of the Canadian Nuclear Association. “Today’s announcement marks another chapter in this story.” 

The entirety of the export financing will flow to companies working in the Canadian nuclear sector, and the nearly 200 companies across Canada that currently supply products or services to the nuclear industry worldwide, including existing CANDU reactors, would be well positioned to compete for supply contracts. 

Read below for the full media release from Natural Resources Canada 

$3 Billion in Federal Export Finance to Support Canadian Businesses While Providing Clean Energy Security for Romania 

Canada’s long-standing relationship with Romania extends to fighting climate change, enhancing energy security and supporting economic development in both countries. Through Canadian technologies, financing and bilateral cooperation, Canada is committed to supporting Romania to advance all these shared priorities. 

That is why today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, alongside Sebastian Burduja, Minister of Energy of Romania; Cosmin Ghiţă, CEO, Societatea Naţională Nuclearelectrica; and Rareṣ Burlacu, President, Romanian Agency for Trade and Investment, announced Canada’s decision to support Romanian energy security and climate action through $3 billion in available export financing to Nuclearelectrica S.A. (SNN), the national operator of the Cernavoda Nuclear Generating Station. This investment will support further Canadian jobs and business activity in Romania’s nuclear sector. 

For decades, nuclear cooperation has been a pillar of Canada’s relationship with Romania. Romania plans to build two new Canada deuterium uranium (CANDU) nuclear reactors at Cernavoda (units 3 and 4). 

The construction of these two CANDU-6 reactors will: 

  • support economic activity across Canada’s nuclear sector and broader power sector; 
  • drive down emissions while helping Romania phase out coal power by 2032; 
  • add 1,400 megawatts of clean, non-emitting electricity production capacity to Romania’s grid; and 
  • unlock Romania’s potential to become a regional hub for secure energy in the face of Russian energy intimidation while enabling support for Moldova and Ukraine. 

Russia’s brutal and unjustified invasion of Ukraine has underscored the need for Romania and other European countries to reduce continental reliance on Russian energy while maximizing their energy security. In this regard, Canada is stepping up to support Europe’s energy future in the face of supply shortages, while advancing shared priorities. 

Both Romania and Canada are taking active and ambitious steps to combat climate change while delivering affordable, reliable and clean power to communities. For decades, nuclear energy contributed to Canada’s clean energy supply and will continue to play an important role for many regions in a net-zero world. 

Today’s investment will deliver sustainable jobs and investment for Canadian workers and industries while advancing Canada’s commitment to our partners and allies in the global fight against climate change. 

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