MONTREAL, Aug. 1, 2018 /CNW Telbec/ - Comprehensive
Decommissioning International, LLC (CDI), a joint company of
SNC-Lavalin (TSX: SNC) and Holtec International, is finalizing
specific contract details with Holtec Decommissioning
International, Inc. to enter into two discrete multi-year nuclear
decommissioning contracts, each worth hundreds of millions of
dollars.
This follows Purchase and Sale Agreements (PSAs) that Holtec
International has signed with Entergy Corp. (NYSE: ETR) for the
acquisition of the Entergy subsidiary that owns the Pilgrim Nuclear
Power Station located in Plymouth,
Massachusetts and the Entergy subsidiary that owns the
Palisades Power Plant located in Covert,
Michigan. The PSA and license transfers are subject to U.S.
Nuclear Regulatory Commission (NRC) approvals.
Subject to finalizing the terms of decommissioning contracts,
CDI will be responsible for decommissioning the plants, beginning
with Pilgrim in 2020. This will include the demolition and cleanup
of the two plants and sites. Pilgrim's accelerated decommissioning
by CDI is expected to be completed within eight years; decades
earlier than if Entergy selects the maximum SAFSTOR option for the
site.
"CDI is committed to decommissioning both Pilgrim and Palisades
safely and in an environmentally responsible and ethical manner,"
said Mark Morant, President, US
Nuclear, SNC-Lavalin. "These projects are vitally important to the
local communities and we look forward to accelerating the safe
clean-up of the shuttered nuclear plant sites to restore most of
the land to unrestricted use in the shortest time possible," added
Dr. Krishna P. Singh, President and
CEO of Holtec International.
CDI was formed earlier this year with the goal of performing
accelerated decommissioning of retired nuclear power plants using
innovative technologies to cut the total time elapsed to release
plant sites for unrestricted use to eight years or fewer, leaving
only the spent fuel (ISFSI) on site, pending local regulatory
approvals (with the exception of the temporary dry storage
installation).
Entergy had previously announced its intention to retire Pilgrim
by June 1, 2019 and Palisades in the
spring of 2022. The PSAs signed by Holtec and Entergy allows for
the sale of each Entergy subsidiary to Holtec after plant closures
and satisfaction of other closing conditions.
About CDI
Comprehensive Decommissioning
International (CDI) is an international decommissioning company
based in the US, providing comprehensive project solutions for the
accelerated retirement of nuclear power plants. CDI's global
operations provide expertise and technological innovation to
protect the public in an environmentally responsible, safe and
ethical manner. CDI is committed to the enrichment of the
communities in which it operates, employing financially sustainable
business practices that ensure the upholding of obligations made as
a trusted steward of legacy nuclear materials.
Cdi-decom.com
About SNC-Lavalin
Founded in 1911,
SNC-Lavalin is a global fully integrated professional services and
project management company and a major player in the ownership of
infrastructure. From offices around the world, SNC-Lavalin's
employees are proud to build what matters. Our teams provide
comprehensive end-to-end project solutions – including capital
investment, consulting, design, engineering, construction,
sustaining capital and operations and maintenance – to clients
across oil and gas, mining and metallurgy, infrastructure, clean
power, nuclear and EDPM (engineering design and project
management). On July 3, 2017,
SNC-Lavalin acquired Atkins, one of the world's most respected
design, engineering and project management consultancies, which has
been integrated into our sectors. www.snclavalin.com
About Holtec International
Holtec
International is a privately held energy technology company with
operation centers in Florida,
New Jersey, Ohio and Pennsylvania in the US, and globally in
Brazil, Dubai, India,
South Africa, Spain, UK and Ukraine. Holtec's principal business
concentration is in the nuclear power industry. Holtec has played a
preeminent role since the 1980s by densifying wet storage in
nuclear plants' spent fuel pools deferring the need for and expense
of alternative measures by as much as two decades at over 110
reactor units in the US and abroad. Dry storage and transport of
nuclear fuel is another area in which Holtec is recognized as the
foremost innovator and industry leader with a dominant market share
and an active market presence in eighteen countries. Among the
Company's pioneering endeavors are the world's first below-ground
Consolidated Interim Storage Facility being developed in
New Mexico and a 160-Megawatt walk
away safe small modular reactor, SMR-160. The SMR-160 is developed
to bring cost competitive carbon-free energy to all corners of the
earth including water-challenged regions. Holtec is also a major
supplier of special-purpose pressure vessels and critical-service
heat exchange equipment such as air-cooled condensers, steam
generators, feedwater heaters, and water-cooled condensers.
Virtually all products produced by the Company are built in its
three large manufacturing plants in the US and one in India. Thanks to a solid record of consistent
profitability and steady growth since its founding in 1986, Holtec
has no history of any long-term debt and enjoys a platinum credit
rating from the financial markets. Nearly 100 US and international
patents protect the Company's intellectual property from predation
by its global competitors and lend predictable stability to its
business base. To learn more about Holtec International,
visit: www.holtecinternational.com
SOURCE SNC-Lavalin