Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, has committed to granting Romania C$3bn ($2.2bn) of funding for nuclear energy projects. After discussions with Sebastian Burduja, Minister of Energy for Romania, Wilkinson agreed on the sum of export financing available to Nuclearelectrica, the national operator of the Cernavoda Nuclear Generating Station. This will support the construction of two CANDU-6 reactors at the Cernavoda plant.

The move is designed to create Canadian jobs and bolster Romania’s energy security. Wilkinson said the financing offer will allow Romania’s national nuclear operator to buy supplies or services from Canadian companies. Part of the funds are coming from Export Development Canada and part from the Canada Account, which supports export financing deemed to benefit Canada’s national interests.

“The export financing announced today to support our Romanian partners will support the creation of new good jobs and economic activity in Canada,” Wilkinson said in a statement. “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.”

At a news conference in Ottawa to announce the loan, Wilkinson and Burduja emphasised the reactors would enhance Romanian energy security at a time of Russian aggression. Burduja said: “We look at our neighbours, they all depend on Russian nuclear technology, on Russian nuclear fuel. We look west to our Canadian friends.”

Canada and Romania have a long history of nuclear partnership. In the 1980s, Canada provided $1bn to support the construction of the Canada deuterium uranium (CANDU 6) nuclear plant, but this was interrupted by the overthrowing and subsequent execution of Romanian communist dictator Nicolae Ceaușescu in 1989. Unit 1 was eventually completed in 1996 and was the country’s first operable nuclear power reactor. In 2003, the Canadian Government guaranteed a $328m loan to Romania through the Canada Account to build Unit 2, which entered service in 2007.

The two CANDU 6 reactors provide 1,300MW, generating around 20% of Romania’s electricity. According to a press release issued by the Canadian Government, once Unit 3 and 4 have been built, the Cernavoda plant will generate 36% of Romania’s electricity.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.