Candu Energy and CNNC form JV to set up Advanced Fuel CANDU Reactor (AFCR) projects in China

11 November 2014 (Last Updated November 11th, 2014 18:30)

Canadian nuclear energy firm Candu Energy has signed a framework Joint Venture (JV) with China National Nuclear Corporation (CNNC) to initiate Advanced Fuel CANDU Reactor (AFCR) projects in China.

Canadian nuclear energy firm Candu Energy has signed a framework Joint Venture (JV) with China National Nuclear Corporation (CNNC) to initiate Advanced Fuel CANDU Reactor (AFCR) projects in China.

The JV follows a Chinese Expert Panel Review on AFCR technology which indicated that choosing adequate time is essential to ‘initiate the construction of AFCR to unlock and utilize its various advantages.’

Candu Energy has also welcomed the memorandum of understanding (MOU), signed by the Natural Resources Canada and China National Energy Administration.

The deal, which was signed on 8 November, aims to form collaborations regarding civilian nuclear energy generation. It will also encourage the use of advanced fuel reactors and exports to third markets.

"Taken together, the MOU, framework JV and positive recommendation by a Chinese expert panel represents a new level of cooperation between Canada and China."

Candu Energy president and CEO Preston Swafford said: "Taken together, the MOU, framework JV and positive recommendation by a Chinese expert panel represents a new level of cooperation between Canada and China in the next wave of nuclear energy innovation.

"We look forward to working closely with CNNC in the development and pursuit of nuclear power generation projects in China and abroad using the new AFCR technology.

"If successfully rolled-out, both Canada and China stand to benefit enormously from the creation of high-value added jobs, services and advanced manufacturing opportunities."

Energy