- Joint venture company would develop, market and build the
Advanced Fuel CANDU Reactor (AFCRTM)
- Benefits to Canada include:
high quality jobs, growth, investment and a more dynamic domestic
nuclear sector
- Innovations developed in new design centres would contribute
to Canada's clean energy
engagements following COP21, enhance
its environmental stewardship abroad and reduce carbon emissions
globally
MONTREAL, Sept. 22, 2016 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) is pleased to announce it signed an agreement in
principle for a new Joint Venture with China National Nuclear
Corporation (CNNC) and Shanghai Electric Group Company Ltd. The new
company would develop, market and build the Advanced Fuel CANDU
Reactor (AFCR™). The creation of the joint venture in principle
follows the signing of a framework agreement in 2014, and is
subject to all government and regulatory approvals.
The new company is expected to be registered in mid-2017, and
would be followed by the formation of two design centres — one in
Canada and another in China — to complete the AFCR™ technology. This
could lead to construction of the world's first two AFCR™ in
China, and possibly subsequent
builds in China and around the
world.
"This is a game changer in the nuclear industry, and a great
endorsement of our expertise and CANDU nuclear technology from the
largest nuclear market in the world," said Sandy Taylor, President, Power, SNC-Lavalin.
"Each new build in China, and
anywhere in the world, will benefit Canada in terms of job creation, innovation
and nuclear research & development, environmental stewardship,
and will contribute to reduce global carbon emissions."
Canada's nuclear sector directly
contributes to over $6 billion to the
economy annually, employs more than 30,000 highly trained and
specialized people, and creates an additional 30,000 jobs
indirectly through contracting1.
The market potential for AFCR™ technology in China is considerable. Each AFCR™ can use
recycled-fuel from four light-water reactors (LWRs) to generate six
million megawatt-hours (MWh) of additional carbon-free electricity
without needing any new natural uranium fuel. This would be enough
new electricity to power four million Chinese homes, and also
displace six million tonnes of carbon emissions per year vs. coal,
the equivalent of removing one million cars from the road.
China has more than 33 LWR nuclear
power reactors in operation and another 23 LWRs under
construction.
"Recognized globally to deliver safe, reliable, affordable and
low-carbon energy, each AFCRTM would contribute to
Canada's commitments within
COP21: to increase accessibility,
efficiency and affordability of clean nuclear energy," said
Preston Swafford, Chief Nuclear
Officer & Executive Vice-President, Nuclear, SNC-Lavalin.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering
and construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 50 countries,
SNC-Lavalin's employees are proud to build what matters. Our teams
provide engineering, procurement, construction, completions and
commissioning services together with a range of sustaining capital
services to clients in our four industry sectors, oil and gas,
mining and metallurgy, infrastructure and power. SNC-Lavalin can
also combine these services with its financing and operations and
maintenance capabilities to provide complete end-to-end project
solutions. www.snclavalin.com
About CNNC
The China National Nuclear Corporation (CNNC) is a large
State-owned enterprise. It successfully built the first nuclear
power plant in the Chinese mainland. CNNC has established a
complete nuclear technology industry framework. It is a main part
of the national nuclear technology industry and a leading element
nuclear energy development. It undertakes missions to facilitate
domestic economic development. CNNC currently operates two CANDU 6
reactors at the Qinshan site (100 km SW of Shanghai) through its subsidiary,
TQNPC.
About Shanghai Electric Group Company Ltd
Shanghai Electric is one of the largest equipment manufacturing
conglomerates in China. High
efficiency and clean energy as well as new energy equipment
represent its core business segments, which account for 70% of
segmental revenues. Leading products include 1,000MW supercritical
thermal power units, 1,000MW nuclear power generation units,
heavy-duty equipment, power transmission and distribution
equipment, elevators, printing machinery and machine tools.
Shanghai Electric is currently the leader in China's equipment manufacturing sector.
According to an assessment for the "Top 500 Asian Brands," Shanghai
Electric was ranked the 5th in Asia and the 1st in China in machinery industry. Shanghai Electric
is developing itself into a sustainable, modern, and international
enterprise group with clearly-defined principal businesses and
distinctive advantages within the large-scale equipment
sector.
About the AFCR™
The Advanced Fuel CANDU reactor (AFCR™) is a 700MW Class
Generation III reactor based on the highly successful CANDU 6® and
Enhanced CANDU 6® (EC6®) reactors with a number of adaptations to
meet the latest Canadian and international standards. Its fuel
flexibility allows it to use recycled uranium or thorium as fuel.
It has a heavy-water moderator and heavy-water coolant in a
pressure tube design. CANDU reactors can be refuelled on power and
have one of the highest lifetime capacity factors among the world's
reactors.
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SOURCE SNC-Lavalin