Candu Energy and China Nuclear Power Engineering Company Sign Cooperation Agreement for Two CANDU Reactors in Romania

MISSISSAUGA, ON, July 24, 2014 /CNW/ - Candu Energy Inc., an SNC-Lavalin company, today signed a binding and exclusive cooperation agreement with China Nuclear Power Engineering Company, Ltd. (CNPEC) for the construction of CANDU Units 3 and 4 at the Cernavoda Nuclear Power Plant in Romania.  Signed in Vancouver, the agreement was witnessed by senior representatives of China's National Energy Administration and Natural Resources Canada.

Romania already has two operating CANDU 6 nuclear reactors, which came into service in 1996 and 2007. Combined, they are the largest power producer in the country, accounting for about 20 per cent of Romania's energy supply. This agreement follows a letter of intent signed by CNPEC's parent company China General Nuclear Power Group (CGN) and Romanian utility Societatea Nationala Nuclearelectrica (SNN) in November 2013 for investment in and development of two additional nuclear units at the Cernavoda site.

"Candu Energy looks forward to working with CNPEC to meet Romania's growing nuclear energy requirements.  This is an exciting opportunity to build on CANDU technology's international track record for the highest levels of safety, reliability and efficiency," said Preston Swafford, Candu Energy President and CEO.  "Today's agreement deepens our strong ties with both the Romanian and Chinese nuclear industries, as CANDU reactors have operated in both countries for more than a decade."

CANDU nuclear technology has an established presence in China, with two 700 megawatt CANDU reactors at Qinshan Phase III, located southwest of Shanghai. Completed in 2003, the Qinshan units are among the best performing nuclear units in China with lifetime capacity factors of over 91 per cent.

"This project stands to make a meaningful contribution to Canada's economy and support highly-skilled jobs here at home.  It demonstrates the tremendous export value of Canadian nuclear expertise," added Mr. Swafford.

Candu Energy is pursuing other international new build opportunities in the United Kingdom and China, among other markets.

About Candu Energy Inc.

Candu Energy Inc. is a leading full-service nuclear technology company providing nuclear power reactors and nuclear products and services to customers worldwide. Candu Energy's 1,200 highly skilled employees design and deliver state-of-the-art CANDU® reactors, carry out life extension projects, and offer operations, maintenance and plant life management services for existing nuclear power stations.

CANDU reactors use natural uranium fuel, heavy-water moderator and heavy-water coolant in a pressure tube design. They can be refuelled on power and have one of the highest lifetime capacity factors among the world's reactors. CANDU reactors are ideal for small and medium electric grids; the newest designs are equipped with a number of safety enhancements to meet the latest Canadian and international standards, including post-Fukushima enhancements. They benefit from the CANDU 6 experience of proven design, construction and operation.

Candu Energy is a wholly-owned subsidiary of SNC-Lavalin Group Inc. (TSX: SNC). For more information, visit www.candu.com.

SOURCE: Candu Energy Inc.