In effort to support Canadian nuclear companies while offering European countries a clean and sustainable energy option, the federal government has announced a loan of $3 billion to Romanian nuclear energy programs to help that country become self sustaining from Russia's nuclear stronghold in Eastern Europe.
"This is a win win for Canada and Cambridge as we have BWXT and Aecon, the big nuclear interest guys; they will all be able to bid on this," said Cambridge MP Bryan May.
The announcement, originally scheduled to be at BWXT in Cambridge, happened in tandem with Jonathan Wilkinson, minister of energy and natural resources, alongside Sebastian Burduja, Romania's ministry of energy, when scheduling conflicts scuttled their appearance at the Coronation Boulevard plant.
According to a release by the federal government, "Russia’s brutal and unjustified invasion of Ukraine has underscored the need for Romania and other European countries to reduce continental reliance on Russian energy while maximizing their energy security."
Canada is stepping up to support Europe’s energy future in the face of supply shortages, while advancing shared priorities.
May confirms that the loan to Romania will require them to spend the money at a Canadian company to help support local industry. This loan will also be paid back in full plus interest.
Romania plans to build two new Canada deuterium uranium (CANDU) nuclear reactors at the Cernavoda Nuclear Power Plant.
This effort at becoming a more sustainable nuclear powerhouse for Europe will cut down emissions while helping Romania phase out coal power by 2032 add 1,400 megawatts of clean, non-emitting electricity production capacity to Romania’s grid.
The goal of the project will also see Romania unlock its potential to become a regional hub for secure energy in the face of Russian energy intimidation while enabling support for Moldova and Ukraine, the release said.
"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," Wilkinson said. "Canadian nuclear expertise will continue to play an important role in helping the world accelerate to a clean and secure energy future.”
BWXT has already cemented itself as a global leader and provider of nuclear technology supplying tech to the United States military and securing billions of dollars worth of contracts to help build reactors for countries in Europe like Poland.
Canada has been supplying nuclear components to its NATO ally since the late '70s; a time when Romania was the closest thing to Soviet Russia and the only country behind the iron curtain to base a nuclear program on western technology, the release said.
Burduja said his country will treat this strategic national security project with the "highest priority.”
