SNC-Lavalin signs agreement-in-principle to build nuclear reactors in China
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MONTREAL — SNC-Lavalin (TSX:SNC) has signed an agreement-in-principle for a new joint venture that would build nuclear reactors in China.
The deal with China National Nuclear Corp. and Shanghai Electric Group Co. Ltd. would see the creation of a new company to develop, market and build advanced fuel Candu reactors.
The Montreal-based engineering firm says the new joint venture is expected to be registered in the middle of next year and would be followed by the establishment of two design centres — one in Canada and another in China.
Thursday's announcement comes after the signing of a framework agreement two years ago and is subject to government and regulatory approvals.