Canada signs $3 Billion Agreement to Fund Nuclear Energy Initiatives in Romania.

Canada is actively participating in the funding of two upcoming nuclear reactors in Romania. According to Romania’s energy minister, this financial support is a strategic move to reduce Russia’s capacity to weaponize its energy exports.

In Ottawa today, Canadian Energy Minister Jonathan Wilkinson formalized this $3-billion agreement alongside his Romanian counterpart, Sebastian Burduja. Notably, the Canadian funding will be specifically allocated to cover the expenses incurred by Romania’s nuclear operator when acquiring equipment and expertise from Canadian companies.

Burduja highlights the multifaceted significance of this deal, noting its contribution to addressing climate change by reducing Romania’s reliance on coal for electricity generation. However, he underscores that the primary objective is to diversify energy sources away from Russia. Romania is currently in discussions with neighboring countries in the region to collaborate on this front.

It’s important to note that Romania already relies on two Canadian-made Candu reactors for a significant portion of its electricity supply, amounting to one-quarter. With the addition of these two new reactors, this share is expected to rise to nearly one-third.