CNA Congratulates SNC-Lavalin on Agreement in Principle of a Joint Venture with CNNC and Shanghai Electric Company

OTTAWA, Sept. 23, 2016 /CNW/ - The Canadian Nuclear Association (CNA) congratulates SNC-Lavalin on signing an agreement in principle of a new Joint Venture with China National Nuclear Corporation (CNNC) and Shanghai Electric Group Company Ltd. The new company would develop, market and build Advanced Fuel CANDU Reactor (AFCR) projects in China and internationally.

"This agreement represents an incredible opportunity to bring Canadian CANDU technology to China and other parts of the world," said Dr. John Barrett, CNA President and CEO. "These projects have the potential to generate billions of dollars for both the Canadian and Chinese economies, all while dramatically lowering GHG emissions."

The new company, which is expected to be registered in mid-2017, will have two design centres – one in Canada and another in China.  This could lead to construction of the world's first two AFCR™ in China, and possibly subsequent builds in China and around the world.

"Each new CANDU reactor in China, or anywhere else in the world, will bring significant benefits to Canada in the form of new jobs, growth, investment and a more dynamic nuclear sector," added Dr. Barrett.

AFCR technology offers many advantages, including the ability to use recycled uranium as fuel, thus minimizing the amount of used fuel in long-term storage. One AFCR can be powered with the recycled uranium from 4 light-water reactors (LWRs) without requiring any additional fuel. China has 33 LWRs in operation and another 23 LWRs under construction.

This agreement in principle follows the signing of a framework agreement in 2014, and is still subject to government and regulatory approvals.

SOURCE Canadian Nuclear Association

Paul Hebert, Director of Communications, [phone], [email protected]