Equal partner rights, access to U.S. technology, designation of the first location, and agreement on next steps – ORLEN has successfully concluded negotiations on the operations of OSGE. The agreement with Synthos paves the way for concrete actions, culminating in the construction of Poland’s first small modular reactor (SMR) nuclear power plant in Włocławek, as designated by ORLEN.
“Poland will host the first BWRX-300 small nuclear power plant in Europe. We are building the energy of tomorrow. This is the essence of the decision made by ORLEN’s Supervisory Board, which approved the agreement. We spent over a year negotiating the terms to secure ORLEN’s interests, ensuring our joint venture with Synthos has direct access to American SMR technology,” said Ireneusz Fąfara, President of ORLEN.
The agreement consists of two key components. The first is a new company statute and shareholder agreement granting ORLEN and Synthos equal 50% stakes and balancing their rights, while strengthening ORLEN’s control over key corporate matters. The second is a licensing agreement giving OSGE full access to U.S. BWRX-300 technology (the so-called Standard Design). This enables the launch of the process that will result in the construction of Poland’s first SMR in Włocławek, with a special-purpose vehicle controlled by ORLEN leading the project.
The BWRX-300 reactor technology, developed by U.S.-based GE Vernova, is considered the most advanced SMR design in the world. Access to this technology positions OSGE, and thus ORLEN, among the pioneers of SMR deployment.
Equal Partner Rights
The new OSGE company and shareholder agreements establish equal partner rights and formally designate Włocławek as the priority location for Poland’s first BWRX-300 reactor.
ORLEN and Synthos Green Energy will alternate in appointing the company’s CEO and the Chair of the Supervisory Board every three years. ORLEN will first designate the Supervisory Board Chair, while Synthos Green Energy will appoint the CEO.
The agreement also introduces a Steering Committee tasked with overseeing and managing the implementation of the deal, as well as making decisions on OSGE’s ongoing operations and the activities of future special-purpose vehicles set up to build additional reactors.
At Least Two Reactors by 2035
The BWRX-300 reactors are part of ORLEN’s strategy “The Energy of Tomorrow Begins Today.” According to the plan, by 2035 the company aims to have at least two SMRs in operation, with a combined capacity of 0.6 GW.
Source: ceo.com.pl
