US Exim Bank approves loan for Romanian SMR project
The Board of Directors at the US Export-Import (Exim) Bank has approved a final commitment for a USD98 million loan for pre-project services needed for the development of a first-of-kind NuScale small modular reactor in Romania.
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Romania's small modular reactor (SMR) project is aiming for 462 MWe installed capacity, using NuScale technology with six modules at the former coal plant site at Doicești - about 90 kilometres northwest of Bucharest - each with an installed capacity of 77 MWe. The SMR project is estimated to create nearly 200 permanent jobs, 1500 construction jobs and 2300 manufacturing and component assembly jobs, as well as facility operation and maintenance jobs over the 60-year life of the facility.
The partnership between the USA and Romania on SMRs began in March 2019 with a memorandum of understanding between state-owned nuclear power corporation Nuclearelectrica and NuScale to study potential developments. In 2021, NuScale and Nuclearelectrica signed a teaming agreement to deploy a NuScale VOYGR-6 power plant in Romania by the end of the decade. In June 2022, the two companies signed a memorandum of understanding to begin conducting engineering studies, technical reviews, and licensing and permitting activities for the project.
NuScale Power and RoPower Nuclear - owned jointly by Nuclearelectrica and Nova Power & Gas - completed Phase 1 of a Front-End Engineering and Design (FEED) study in late 2023, which analysed the preferred site of the first VOYGR-6 SMR power plant.
In July, Nuclearelectrica and RoPower Nuclear signed the FEED Phase 2 contract with Fluor Corporation of the USA for the Doicești SMR project. Under the FEED 2 contract, Fluor will provide RoPower Nuclear with the design and engineering services required for the implementation of the project, at the end of which there will be an updated cost estimate and schedule as well as the safety and security analyses needed for a final investment decision.
The Exim Bank issued a Letter of Interest in May 2023 for potential support for up to USD99 million to RoPower Nuclear for design studies - alongside expressions of interest from public and private partners from Japan, South Korea and the UAE – together amounting to up to USD275 million in early-stage support. These commitments, along with new pledges by Romania, support procurement of long-lead materials, completion of the FEED analysis, provision of project management experts, and regulatory site activities. In addition, the US International Development Finance Corporation (DFC) and Exim also issued Letters of Interest for potential support of up to USD1 billion and USD3 billion, respectively, for project deployment.
Exim's Board of Directors has now approved a final commitment for a USD98 million loan under its Engineering Multiplier Program for pre-project services. It is estimated that the transaction would support 400 US jobs.
As well as Nuclearelectrica, RoPower Nuclear, Nova Power & Gas (part of the E-INFRA group and joint owner of RoPower) and Fluor, Samsung C&T Corporation and Sargent & Lundy are also involved in works to facilitate the development and deployment of NuScale SMR power plants in Romania.
The Exim Bank is the USA's official export credit agency with the mission of supporting American jobs by facilitating US exports. To advance American competitiveness and assist US businesses as they compete for global sales, Exim offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans.
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