ORLEN has finalised an agreement with Synthos Green Energy that will facilitate the establishment of Poland's first small modular reactor (SMR) nuclear power plant.
The agreement includes two primary components. The first revises the articles of association and shareholder agreement for the joint venture (JV) company, ORLEN Synthos Green Energy (OSGE).
This component grants both parties a 50% equity stake each in the JV and ensures ORLEN's control over strategic decisions.
The second component is a licensing agreement that provides OSGE with full access to the BWRX-300 reactor technology, enabling the project to progress towards construction.
The revised agreements also confirm Włocławek as the chosen site for Poland's inaugural BWRX-300 reactor.
The BWRX-300 reactor technology, developed by GE Vernova in the US, is recognised as the most sophisticated SMR design globally.
ORLEN management board president Ireneusz Fąfara said: “Poland will host the first BWRX-300 small modular reactor in Europe. We are building the energy system of tomorrow.
“This reflects the essence of decision by the ORLEN Group Supervisory Board, which approved the agreement. We spent over a year negotiating terms that safeguard ORLEN’s interests, securing for our joint venture with Synthos direct access to US SMR technology that will enable the project’s delivery.”
Leadership roles within ORLEN Synthos Green Energy will be alternated, with ORLEN appointing the initial chair of the supervisory board and Synthos Green Energy nominating the first president of the management board. Subsequent appointments will rotate every three years.
A steering committee has also been introduced to oversee the agreement's execution and manage operational aspects concerning OSGE and the special-purpose vehicles for future reactor projects.
In line with ORLEN's strategy, 'The Energy of Tomorrow Starts Today', the company aims to launch at least two SMR units with a combined capacity of 0.6GW by 2035.
In June, the ORLEN Group secured 1.7bn zoltys ($460m) in grants from the National Recovery Plan (NRP) for its Green H2 and Hydrogen Eagle hydrogen projects.
These initiatives will enhance renewable hydrogen production and low-emission hydrogen from municipal waste, with the support of Bank Gospodarstwa Krajowego and funding through the NRP.
