Areva to work on 2 Indian nuclear projects

India will receive a credit line of around US$9.2 billion to fund supply of two EPR reactors and uranium. This will come from a consortium of French banks and institutions. French energy major Areva will be supplying to the reactors and fuel to the government-owned Nuclear Power Corporation of India Limited under two major deals for expanding the country's nuclear power generation base.

According to the Business Standard, Areva is also in talks with NPCIL on the possibility of joint investment in uranium mines owned by Areva in different parts of the world. "Geo-politically it is important to split investment in different parts of the world," Areva CEO Anne Lauvergeon said, without specifying the mines where the two companies might invest.

EPR reactors, that will be used at NPCIL's Jaitapur power plant in Maharashtra, are Areva's third generation high power output pressurised water reactors. "We will supply to NPCIL two safe, reliable and cost-effective EPR reactors, the first in a series of six, in Jaitapur. We will also supply uranium fuel for the lifetime of the six reactors," said Lauvergeon. The six reactors, when commissioned, would be able to generate around 10,000 MW of power. India currently has over 4,100 MW of installed nuclear power generation capacity.

 "We have to finalise financing with banks. We have to fix interest rates, as they would determine the tariff for the electricity," she added.