Canada loans $304M for nuclear reactor redesign

The Canadian government is lending AtkinsRéalis, formerly known as SNC-Lavalin, up to $304 million. This funding will support the design of the next generation of CANDU nuclear reactors. The updated reactors may help AtkinsRéalis compete for contracts with Bruce Power, which plans to expand Ontario's largest nuclear plant. The loan will be used to develop a new design called the CANDU Monark. This reactor aims to produce 1,000 megawatts of electrical power, nearly double the output of current CANDU reactors. Natural Resources Minister Jonathan Wilkinson emphasized the need for this upgrade to keep up with rising global demand for nuclear energy. AtkinsRéalis has been advocating for this redesign through its “Canadians for Candu” campaign. The campaign has seen support from notable figures such as former Prime Minister Jean Chrétien and former Premier Mike Harris. The company owns the rights to CANDU technology, which was originally created by Atomic Energy of Canada Limited (AECL). Wilkinson mentioned that this partnership will strengthen the Canadian nuclear industry. He noted the importance of local innovation and how it can benefit Canada and other countries around the world. The CEO of AtkinsRéalis, Ian Edwards, expressed confidence in the government's support and highlighted the project’s potential economic benefits. Bruce Power is considering expanding its capacity by 4,800 megawatts, but it has not decided whether to proceed with CANDU technology. Other competitors, like U.S.-based Westinghouse Nuclear, also have 1,000 megawatt reactors and may bid for this project. Officials from Ontario's energy ministry say the Bruce project is still in early planning stages. They encourage healthy competition among new technologies. The government aims to protect Canadian jobs while ensuring affordable and reliable energy for Ontario families and businesses.