Nicholas Gould’s Post

As banks and financial institutions are set to play a more critical role in the financing of new nuclear power plants, procurement and compliance challenges will be high on the agenda. From the FT of 23 September 2024 (https://lnkd.in/d7VUjUbX): "Fourteen of the world’s biggest banks and financial institutions are pledging to increase their support for nuclear energy, a move that governments and the industry hope will unlock finance for a new wave of nuclear power plants. (...) Financial institutions have long been divided on nuclear energy, because of the complexities of project financing and high level of risk, but also because of questions about whether it complies with organisational environmental, social and governance standards." With great timing, Nicholas Gould and I discuss these topics in our recent article published in the International Energy Law Review.

A landmark investment in Romania’s energy security, EnergoNuclear signed an engineering, procurement, and construction management (EPCM) contract for the advancement of the Cernavoda Nuclear Power Plant Units in Romania. Signed with the FCSA Joint Venture during the 2024 UN Climate Change Conference (COP 29) held in Baku, Azerbaijan, the contract is valued at an estimated €3.2 billion. Once Units 3 and 4 are connected to the grid, nuclear energy will generate 66% of the country’s clean energy, reinforcing its essential role in the decarbonization process. A cross-border, multi-competency Dentons team from Romania, the UK, the Netherlands, Germany, Poland, Hungary and Belgium provided legal support to EnergoNuclear over the course of the two-and-a-half-year project. The team advised on highly complex infrastructure, public procurement, and competition law issues and supported the client in structuring, negotiating and drafting the EPCM agreement. Claudiu Munteanu - Jipescu, Oana Voda, LLM, Mark Macaulay, Ian McGrath https://lnkd.in/dPMRhV9b 

♦ We are pleased to announce that we advised on the Polish law aspects of the acquisition of 100% of the shares in Power Solutions Poland by Arabelle Solutions, a French subsidiary of the Electricité de France Group (the “EDF Group”), from GE Power sp. z o.o. The buyer’s lead legal counsel was Freshfields Bruckhaus Deringer. ♦ The transaction took place as part of the EDF Group’s acquisition of GE Vernova’s steam nuclear activities covering conventional island equipment for nuclear power plants. The deal will position the buyers as acquirers of technologies and competencies essential to the nuclear industry and to European energy security. ♦ The EDF Group is a key player in the field of energy transition. It is an integrated energy company that is active in all areas of the energy sector: energy generation, transmission, distribution, supply and trading, as well as energy-related services. ♦ Arabelle Solutions is a subsidiary of the EDF Group and a market leader in technologies and services related to turbine islands of nuclear power plants. ♦ GE Power, which is a part of GE Vernova, is a global energy leader that provides technologies, solutions and services for the entire energy value chain, from the point of generation to consumption. ♦ The transaction team comprised Pawel Rymarz (managing partner), Małgorzata Banaszkiewicz (senior associate) and Szymon Rutecki (associate). 🔗 PL: https://lnkd.in/grY9PnGe 🔗 EN: https://lnkd.in/gS7KbQ-k #RymarzZdortMaruta #Transaction #Corpo #MandA #Energy

Ignalina Nuclear Power Plant (INPP), once Lithuania’s largest generator of electricity, announced today that the first step towards dismantling of the reactor technological equipment has now been completed. A dismantling strategy has been established for the extremely complex task of taking apart the steam-drum separators, which will require the careful removal and disposal of about 6,000 tonnes of radiation-contaminated metal. The work is being carried out by Westinghouse Electric Company, while Amentum is providing consultancy support for INPP’s Project Management Unit and carrying out the duties of FIDIC Engineer for the dismantling contract. It’s all part of INPP’s mission to create a clean environment through the sustainable management of the nuclear legacy. #atominekomanda #iae #WeAreAmentum #NuclearDecommissioning

Dentons Powers Cernavoda Nuclear Deal... Global law firm Dentons advised EnergoNuclear SA on a €3.2 billion engineering, procurement, and construction management (EPCM) contract for Units 3 and 4 of Romania's Cernavoda Nuclear Power Plant. The deal spans 108 months and was signed during COP 29 in Baku, Azerbaijan. The FCSA Joint Venture, including Fluor B.V., Candu Energy Inc., and others, will execute the project based on CANDU technology. Once operational, Units 3 and 4 will generate 66% of Romania's clean energy, securing its energy future and advancing decarbonization. A multi-national Dentons team, led by Claudiu Munteanu - Jipescu (Bucharest), tackled infrastructure and procurement complexities. Munteanu-Jipescu highlighted the project's global significance, reinforcing Romania’s sustainable energy development. (Source: AmCham Romania)

NY utility approves battery storage project on shuttered US nuclear site: The Long Island Power Authority (LIPA) has approved 79 MW and 50 MW battery storage projects in Suffolk County, New York state. It is granting Key Capture Energy capacity and dispatch rights under 20-year power purchase agreements (PPA). #RenewableEnergy #Photovoltaic #Technology

👇 Watch the short clip below to hear from Costain's Bryan Jenkins, EDF framework manager, as he collected the Global Project Controls Consultancy of the Year award on behalf of Costain and EDF (UK). Bryan said "We've spent a lot of time investing in our people and developing them. This really is a testament to their hard work and it's fantastic to be recognised for it." You can find out more about our #projectcontrols capability here 📈 https://bit.ly/3YJRF8s #PCEUK #ProjectControlsExpo #TransformingPerformance

Another first … “The US Department of Energy Loan Programs Office has conditionally committed up to USD1.52 billion for a loan guarantee to Holtec Palisades for its project to bring the Palisades plant, which ceased operations in May 2022, back online. If the project proceeds, it will be the first nuclear power plant in the USA to return to commercial operations after being closed down.” #SustainingEnergyInnovation #Leadership #Innovation #CleanEnergy #Nuclear #NuclearEnergy #Energy #AllEmissionsMatter #AllTheAboveEnergy #NECenergy #EntropicQuantumUncertainty https://lnkd.in/eTps3-Za

We support ESKOM with the Steam Generator Replacement project at the Koeberg Nuclear Power Plant (2 x 900MW units) through a sub-consultancy agreement with HKA Global. Tetra delivers Quantity Surveying, Cost Engineering, and Contract Management expertise for this critical project. Learn more about Koeberg's long-term operation and safety review here: https://lnkd.in/dKZ7K-WQ

The UK government has announced a new subsidy scheme for the Sizewell C nuclear power plant project in Suffolk, England. #TheDevexScheme will provide up to £5.5B (US$7.2B) to support the project's development leading up to a Final Investment Decision #FID. This initiative underscores the #UKGovernment's dedication to attracting investment and ensuring the success of this critical project. By streamlining funding through the #RegulatedAssetBase model and implementing other proactive measures, the UK is taking a significant step towards a #SustainableEnergy future. ENG Bauen is proud to be providing manpower for this project, and as we anticipate further growth, we are enthusiastic about the future success of working closely with our partners across the UK. #SizewellC #NuclearEnergy #SustainableFuture #Investment #EnergyTransition #OilandGas #OilandGasNews #OilandGasJobs #UKEnergy #Energy #NetZero #NetZero50