Orano secures €400M loan from EIB for uranium enrichment plant expansion

Orano has secured a €400 million loan from the European Investment Bank to finance the expansion of its Georges Besse II uranium enrichment plant at Tricastin, aiming to increase its capacity by 30% by 2028.

Partagez:

The French uranium cycle specialist Orano has announced it has secured a €400 million loan from the European Investment Bank (EIB). This funding is intended to support the expansion of the Georges Besse II uranium enrichment plant, located at the Tricastin site in the Drôme and Vaucluse departments. The project aims to increase the plant’s enrichment capacity by 30% by 2028, raising its annual production to approximately 10 million separative work units (SWU).

The total investment for this expansion is estimated at €1.7 billion, with part of it covered by the EIB loan. The project includes the construction of four new enrichment modules, adding to the existing fourteen. This expansion is designed to meet growing demand for enriched uranium, particularly from countries seeking to diversify their supply sources due to current geopolitical tensions.

Geopolitical and strategic context

Russia’s invasion of Ukraine in February 2022 has highlighted the dependence of many Western countries on Russian-enriched uranium. Rosatom, the Russian state atomic energy corporation, controls approximately 45% of the global uranium enrichment market. This situation has prompted companies such as Orano to increase their production capacity to strengthen their clients’ energy independence.

The role of the EIB in nuclear financing

The EIB, regarded as the financial arm of the European Union, had not financed nuclear projects in France since 2008. The approval of this loan by a majority of its board of directors marks a significant shift, reflecting a growing recognition of nuclear energy’s role in the energy transition.

According to Ambroise Fayolle, vice-president of the EIB, this financing “contributes to European energy independence.” He also emphasised that decarbonised energy sources are essential to enabling the European Union to meet its climate neutrality targets by 2050.

South Korea's Nuclear Safety and Security Commission officially validates the decommissioning of reactor number one at the Kori plant, initiating an unprecedented project for the national industry scheduled to last until 2037.
Uranium producer enCore Energy surpasses three thousand pounds per day at its Alta Mesa ISR complex and sees three new Texas laws as a strong signal for faster nuclear production permits.
The International Atomic Energy Agency expresses concerns over Iran’s enriched uranium stockpiles following the abrupt suspension of inspections at key sites disrupted by recent attacks whose consequences remain uncertain.
NPCIL has announced an extension until September 30 for industrial proposals concerning Bharat Small Reactors (BSR), following increased interest from the Indian private sector.
A regional court has upheld the award of two new reactors in the Czech Republic to Korea Hydro & Nuclear Power, dismissing Électricité de France’s challenge to the €16bn contract in a decisive step for the national energy programme.
Facing rising temperatures, EDF anticipates cuts in nuclear production starting early July, primarily due to thermal constraints on rivers used for cooling the power plants.
The preliminary agreement launches planning and site assessment for a tailored AP1000 reactor, following two years of feasibility study, and enlists Westinghouse and Hyundai to support Fortum’s regional nuclear expansion.
Donald Trump's unprecedented decision to dismiss Christopher Hanson, a member of the NRC, provokes outrage among former federal officials and raises concerns over the regulatory independence of the U.S. nuclear sector.
Uranium Energy Corp strengthens its position in Anfield Energy Inc., now holding approximately 32.4% of the company’s shares following an investment of CAD19.55mn ($14.82mn), significantly expanding its strategic influence in the uranium market.
New York State plans an advanced nuclear power plant with a 1-gigawatt capacity to meet long-term energy and economic goals, involving significant investment to enhance regional energy independence.
Niger announces its intention to nationalize SOMAÏR, a mining company jointly owned with Orano, provoking strong opposition from the French company and paving the way for further international legal tensions.
Russia strengthens its economic presence in Mali with new agreements, notably in nuclear energy and gold refining, consolidating strategic cooperation within a rapidly evolving geopolitical context.
The US government grants a fourth payment of $100.45 mn to Holtec International to restart the Palisades Nuclear Plant, pending regulatory approval, marking an unprecedented event in the United States.
EDF announces a major agreement with Apollo to raise up to £4.5 billion via bonds to finance the British nuclear project Hinkley Point C, whose costs continue to rise significantly.
The Élysée proposes Anne-Isabelle Étienvre, current Director of Fundamental Research at the CEA, as General Administrator to replace François Jacq, recently appointed President of CNES.
Greek Prime Minister Kyriakos Mitsotakis has announced his country's interest in small modular nuclear reactors to meet national energy challenges and decarbonize the maritime sector within the next fifteen years.
TerraPower, an American nuclear company, secures $650 million funding from investors, including NVIDIA, to develop its Natrium modular reactors in the United States and internationally.
EDF and the French state finalize a €70 billion financing plan for six EPR2 nuclear reactors, including a specific territorial coordination framework in Gravelines led by Michel Marbaix, awaiting European approval by 2026.
Maire S.p.A and Newcleo form strategic partnership to industrialise the development of 200 MW modular nuclear power plants, via a joint venture majority-owned by Nextchem.
A new European consortium launches the design of a small lead-cooled modular reactor, targeting global commercialisation by 2039, with a demonstration scheduled as early as 2035.