Romania to Build First SMR with $98 Million Loan from US Exim Bank

Romania’s Clean Energy Transformation Takes a Leap Forward with US Support for Small Modular Reactor Technology

Editorial Team (ET)August 2, 2025

The US Export-Import (Exim) Bank has made a pivotal decision by approving a USD98 million loan for the development of Romania's first small modular reactor (SMR). This loan marks a significant milestone in advancing Romania's clean energy goals, with the SMR project set to be developed using NuScale technology at a former coal plant site in Doicești, approximately 90 kilometers northwest of Bucharest.

Romania’s Small Modular Reactor Initiative

Romania's SMR project, designed to produce 462 MWe of power, will employ six modules, each with a capacity of 77 MWe. This transformative project, located at a repurposed coal site, not only underscores Romania’s commitment to reducing its carbon footprint but also highlights its role in Europe’s shift toward sustainable energy. Beyond its environmental impact, the project is expected to generate nearly 200 permanent jobs and over 3,800 jobs across construction, manufacturing, and operations, boosting local economies.

Strategic Partnership Between Romania and the US

The partnership between Romania and the US on nuclear energy began in 2019 with a memorandum of understanding between Nuclearelectrica, Romania’s state-owned nuclear corporation, and NuScale Power, a US-based nuclear technology firm. This relationship solidified in 2021 with an agreement to deploy a NuScale VOYGR-6 SMR power plant in Romania by the end of the decade. Subsequent agreements in 2022 laid the groundwork for extensive engineering studies, technical reviews, and licensing activities to facilitate the project’s implementation.

Economic and Job Creation Impact

The economic benefits of the SMR project extend beyond energy production. The initiative is expected to create a lasting impact on Romania’s labor market, particularly through the creation of high-quality jobs. The construction phase alone is estimated to provide 1,500 jobs, while component manufacturing and assembly are expected to generate an additional 2,300 jobs. Over its 60-year operational lifespan, the project will also create opportunities in the areas of facility maintenance and operations, providing sustainable employment in the energy sector.

Front-End Engineering and Design (FEED) Study: A Key Step

In late 2023, NuScale Power and RoPower Nuclear, a joint venture between Nuclearelectrica and Nova Power & Gas, completed Phase 1 of a Front-End Engineering and Design (FEED) study. This crucial study analyzed the Doicești site and confirmed its viability for the deployment of the NuScale VOYGR-6 SMR power plant. In July, RoPower Nuclear signed a contract with Fluor Corporation to advance the project into Phase 2, which will include further design services, an updated cost estimate, and essential safety and security analyses.

International Support and Financial Backing

Romania's SMR project has received backing from both public and private international partners. In May 2023, Exim issued a Letter of Interest for up to USD99 million to support design studies, and additional interest from Japan, South Korea, and the UAE brought early-stage financial commitments up to USD275 million. These funds will cover long-lead materials, project management services, and regulatory activities, ensuring that the project moves forward on schedule.

In addition to the USD98 million loan approved by Exim, the US International Development Finance Corporation (DFC) and Exim are also considering further financial support of up to USD1 billion and USD3 billion, respectively, for project deployment. This multi-tiered support underscores the importance of the SMR project to both Romania and the global energy landscape.

Environmental and Safety Considerations

The shift from coal to nuclear energy is a major environmental victory for Romania, as it aims to reduce greenhouse gas emissions while maintaining reliable energy production. The NuScale SMR is designed with passive safety features, ensuring the reactor can safely shut down without human intervention in the event of an emergency. This design prioritizes both environmental sustainability and operational safety, addressing long-standing concerns associated with nuclear power.

The Role of Exim Bank in Promoting US Exports

Exim Bank’s involvement in the Romanian SMR project highlights its broader mission to support American jobs by facilitating US exports. By offering financing solutions like export credit insurance, working capital guarantees, and direct loans, Exim helps US businesses compete in the global market. In this case, the loan for Romania’s SMR project is expected to support approximately 400 US jobs, reinforcing the importance of this international collaboration.

Conclusion: A Model for Global Energy Cooperation

The US Exim Bank's loan approval for Romania’s SMR project represents a significant step in advancing nuclear energy on a global scale. With strong backing from both Romanian and US partners, the project is set to not only provide clean energy but also create jobs, boost local economies, and strengthen diplomatic relations. As the world looks for sustainable energy solutions, Romania's SMR project stands as a model for international cooperation and technological innovation.

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