ROSATOM will establish a joint venture for the construction of energy fleet based on nuclear floating power units for overseas markets

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Communications Department of ROSATOM, PUBLISHED 16.06.2023

On June 15, 2023, within the scope of the St. Petersburg International Economic Forum, an agreement was signed between ROSATOM and TSS Group on the basic conditions for developing an energy fleet based on floating power units (FPU) with RITM-200M reactors for overseas markets. TSS Group is Russia's largest developer and manufacturer of integrated well completion solutions, as well as energy supply solutions to the oil and gas sector with an actively implemented development strategy in the Middle East.

The parties have committed to establish a joint venture on a parity basis, which will ensure the start of construction of a series of FPUs with capacity of not less than 100 MW and designated service life of up to 60 years for overseas markets with subsequent sale of electricity from the floating power units in the countries of presence. The agreement signed is a framework agreement. Legally and financially binding documents are expected to be signed later on. The partners consider the countries of Middle East, Southeast Asia, and Africa as target markets. The energy fleet commissioning is anticipated in the period from 2029 to 2036.

Upon signing the agreement, Andrey Nikipelov, Deputy General Director for Machinery Building and Industrial Solutions of ROSATOM, noted the following: "Starting from the moment the world's first floating nuclear power plant (FNPP) Akademik Lomonosov was commissioned in 2019, both state and commercial companies in Russia and abroad have been scrutinizing that new product of Rosatom with great interest. Now we are offering the market a whole family of FPUs that differ in power capacity and purpose, designed in Arctic and tropical versions. In addition to environmental friendliness and stability of operation, floating nuclear power units are able to ensure energy independence from the main power grids, and in a broader sense, protection from the energy markets volatility. The use of FPUs gives the companies and entire countries the opportunity to get a forecasted electricity price for decades to come. Therefore, floating power units have, without a doubt, great commercial potential both in Russia and abroad. The project will contribute to the introduction of Russian high technologies to new markets, and also - and this is the most important thing - will create better living conditions for people and contribute to economic development in different regions of the world."

Sergey Velichko, Chairman of the Board of Directors of TSS Group, when signing the agreement, said: "The problem of ecology and generation of the low-carbon energy in particular is becoming more and more acute in the world. Customers need a stable, economically predictable and ecologically clean source of energy. As of today, a floating nuclear power unit can provide that unique combination of power source characteristics, and the modularity of the source, which is the ability to increase power capacity as quickly and flexibly as possible, allows the client to receive as much energy as he needs delivered to the place he required it. We can clearly see that changes in the markets of the Middle East indicate the highest demand for such energy source. Solutions for generating "green" products, such as hydrogen, LNG, ammonia, methanol, will certainly be in demand in the coming decades, not to mention solving energy consumption problems here and now that exist in a number of African countries. Investments in floating power units are not only a guarantee of stable profitability, but also considered as investments in a future that is more environmentally friendly and predictable for us and our children."

Floating power unit is a new effective solution to the challenges of energy supply to remote areas, large investment mining projects and energy-consuming industrial facilities. Currently, Rosatom is implementing the first "serial" project for the ecological energy supply to a large industrial cluster, i.e. construction of four floating power units for the Baimskaya ore zone is underway.

Topics: Floating NPP, Russia

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