Advancing Romania’s Small Modular Reactor Project: Multinational Public-Private Partnership and U.S. Project Financing


The recent G7 Leaders Summit held in Hiroshima witnessed a significant announcement by President Biden regarding the implementation of the Partnership for Global Infrastructure and Investment (PGII). This initiative aims to mobilize $600 billion in infrastructure investments worldwide by 2027. As part of this vision, the United States, along with Japan, Republic of Korea, and United Arab Emirates, announced their support for the Romania small modular reactor (SMR) project. With a combined commitment of up to $275 million, including potential project financing of up to $4 billion from the United States, this partnership signifies a strong commitment to advancing transformative infrastructure projects. In this blog post, we will explore the details of this multinational public-private partnership and its implications for Romania’s SMR project.

Funding Support for Romania’s SMR Project:

The announcement at the G7 Summit revealed substantial financial backing for the Romania SMR project. The United States, Japan, Republic of Korea, and United Arab Emirates collectively pledged up to $275 million in support. The U.S. Export-Import Bank (EXIM) issued a Letter of Interest for up to $99 million from the EXIM Engineering Multiplier Program. Additionally, the U.S. International Development Finance Corporation (DFC) and EXIM issued Letters of Interest for potential support of up to $3 billion and $1 billion, respectively, for project deployment. These commitments, alongside Romania’s contributions, will accelerate the development and deployment of the SMR project based on NuScale Power LLC technology, with a target timeline of 2029.

Advantages of the Romania SMR Project:

The Romania SMR project aims to replace a former coal plant at Doicesti with clean power generated from small modular reactors. The project capitalizes on the experience gained from the ongoing SMR project at the Carbon Free Power Project in Idaho, USA. Leveraging Romania’s over 25 years of safe and secure nuclear power plant operation experience, the Doicesti SMR project represents a significant step towards decarbonization and sustainable energy production.

Multinational Partners and Commitments:

The advancement of the SMR project in Romania involves the collaboration of various partners. These include the Japan Bank for International Cooperation, DS Private Equity from the Republic of Korea, EXIM Bank Romania, S.N. Nuclearelectrica S.A., and Nova Power & Gas S.R.L. from Romania, Emirates Nuclear Energy Corporation (ENEC) from the United Arab Emirates, and the U.S. DFC and EXIM. The commitments made by these partners will support crucial aspects such as procurement, front-end engineering and design (FEED) work, project management expertise, site characterization, regulatory analyses, and the development of precise schedule and budget estimates.

Nuclear Energy’s Role in the Clean Energy Transition:

This multilateral endeavor to deploy safe and secure civil nuclear technology underscores the essential role of nuclear energy in the global clean energy transition. By limiting global warming to 1.5 degrees Celsius, nuclear energy plays a significant part in meeting collective climate goals. The United States remains dedicated to supporting innovative clean energy technologies and ensuring energy security and independence for partners worldwide.

The partnership formed among multinational public and private entities, along with substantial project financing from the United States, brings new momentum to Romania’s SMR project. This collaboration emphasizes the importance of nuclear energy in the global transition towards clean and sustainable energy sources. With a focus on decarbonization and meeting climate goals, this initiative showcases the commitment of the participating nations to drive impactful change in the energy sector. The successful deployment of the Romania SMR project will contribute significantly to the country’s energy transformation and serve

By Joshi

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