Canada and China partner to build Romanian reactors
VANCOUVER - A Canadian company is partnering with a Chinese firm in anticipation of building two more nuclear reactors in Romania that could be worth $1.5 billion for Canada's economy.
Candu Energy Inc., an SNC-Lavalin (TSX: SNC) company, has signed a co-operation agreement with China Nuclear Power Engineering Company Ltd. for the construction of two nuclear reactors at the Cernavoda Nuclear Power Plant in Romania.
Preston Swafford, the president and CEO of Candu, says the $6 billion project will also keep Canada's nuclear-engineering talent sharp.
He says the two new reactors, combined with the two current Candu reactors in the central European country, would power up to 40 per cent of the country.
In a separate agreement, SNC Lavalin signed a deal with China National Nuclear Corporation that could eventually lead to the creation of a reactor in China that uses recycled nuclear fuel.
The announcements were made in Vancouver to coincide with a visit from China's minister of energy, who was present at the signing of the agreements.