UAE pledges $275 million for historic nuclear energy project

 

UAE

Along with partners from the US, Japan, and South Korea,UAE has promised its assistance for an investment of up to $275 million in a nuclear energy project in Romania.

The UAE's investment will be used to deploy a NuScale Small Modular Reactor (SMR) in Romania with the help of the Emirates Nuclear Energy Corporation (ENEC).

ENEC will help with critical areas including procurement, engineering, and project management by drawing on its experience building and running light water reactors.

The Partnership for Accelerating sustainable Energy (PACE), a global project to encourage the adoption of sustainable energy, made this statement during the G7 Summit in Japan. US President Joe Biden.

In order to install 100 additional gigawatts of renewable energy capacity by 2035, PACE was established at COP27 in Egypt in November 2022 with the goal of mobilizing $100 billion in funding, investments, and other types of support.

After working together in the energy industry for many years, the UAE and the US created PACE to speed up the global energy transition while creating economic possibilities and supporting cutting-edge projects and technology.

The Romanian SMR project will replace a coal power plant with dependable, clean baseload electricity, lowering emissions in heavy industry and promoting sustainable economic growth.

According to Mohamed Ibrahim Al Hammadi, Managing Director & CEO of ENEC, "as a global leader in large-scale nuclear programs, the UAE brings its expertise to support the deployment of advanced nuclear technologies in Romania."

"ENEC will contribute by exchanging expertise, personnel, and technical resources, further establishing its position as a major player in the global nuclear energy landscape," the statement reads.

ENEC and NuclearElectrica in Romania recently signed an MOU to explore opportunities in advanced nuclear technologies and related activities for development, deployment, and financing. This shows ENEC's commitment to helping Romania with these important national infrastructure programs to ensure its transition to clean energy.

Through significant expenditures in solar energy and the construction of the Barakah Nuclear Energy Plant, the UAE has completed one of the most ambitious energy transitions in contemporary history.

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