SNC-Lavalin Joint Venture Continues to Secure Ontario's Clean Energy Supply with $1.3 Billion CANDU Refurbishment at Bruce Power

MONTREAL, May 12, 2023 /CNW/ - SNC-Lavalin Nuclear Inc., a member of the SNC-Lavalin Group (TSX: SNC), announces Shoreline Power Group, a contractual joint venture between SNC-Lavalin, Aecon, and United Engineers & Constructors, has signed a 10-year, $1.3 billion agreement with Bruce Power. The mandate is to extend the life of four of Bruce Power's CANDU® reactors to 2064. SNC-Lavalin's portion of the contract is valued at approximately $173 million. SNC-Lavalin's Canadian nuclear division will provide project management services associated with the reactor refurbishment of Units 4, 5, 7 and 8, the remaining units at Bruce Power that have yet to undergo a life-extension process.

"The critical role of nuclear power in providing energy security, meeting the ever-increasing demand for electricity and a means to achieving global Net Zero commitments is no longer in dispute," said Ian L. Edwards, President and Chief Executive Officer, SNC-Lavalin. "Large reactors in particular will play a key role in providing the vast amount of electricity required in the future.  As the steward of the CANDU reactor technology around the world, and a provider of the full lifecycle of nuclear services, we are well positioned to capitalize on the rising demand for nuclear energy."

Shoreline Power Group has worked on the successful life-extension of Bruce Power's Unit 6, which is being returned to service later in 2023, after an on-time and on-budget refurbishment; while its work on the refurbishment of Bruce Power's Unit 3 remains ongoing, having begun in 2022. Bruce Power's Units 1 and 2 were refurbished in 2012. The life-extensions of Bruce Power's reactors represent Ontario's largest clean-energy infrastructure project. It directly and indirectly supports 22,000 jobs annually, and injects $4 billion into the province's economy.

The Bruce Nuclear Generating Station is the world's largest operating nuclear facility, producing 30% of Ontario's power. It also provides a significant amount of cancer-fighting medical isotopes for hospitals globally. 

The scope of work for the latest agreement includes the overhaul of the core reactor components of the CANDU units. Preparatory work is expected to commence in 2023, with completion anticipated in 2032.

"This contract win is not only a demonstration of the confidence that Bruce Power has in our technical knowledge as the steward of CANDU technology, but also in our track record in delivering work that is on-time, and on-budget," said Joe St. Julian, President, Nuclear, SNC-Lavalin. "SNC-Lavalin is the only organization that has taken a leading role in all CANDU reactor life extension projects to date globally. We will continue to deploy our global experience and implement best practises to ensure we drive continuous efficiencies on cost and schedule performance to make these upcoming life-extensions an even greater success."  

About SNC-Lavalin

Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, technology and data to design, deliver and operate the most complex projects. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital – and delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital. News and information are available at snclavalin.com or follow us on LinkedIn and Twitter.

About SNC-Lavalin's Nuclear Business

SNC-Lavalin has over 70 years' of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. With an innovative technology portfolio, including access to over 500 patented solutions, SNC-Lavalin solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. SNC-Lavalin operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. SNC-Lavalin is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. SNC-Lavalin is also involved in developing medical radioisotopes for cancer research through its partnership with TerraPower.

SOURCE SNC-Lavalin

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