The European Investment Bank (EIB) and Orano have signed a €400m ($433.5) loan agreement to finance the expansion of the Georges Besse 2 uranium enrichment plant in Tricastin, France.
The EIB loan supports an overall investment of nearly €1.7bn by Orano, primarily involving European technologies and the services of French companies.
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The expansion aims to increase the plant’s uranium enrichment production capacity by 30% with the addition of 2.5 million separative work units (SWUs).
The project will add four modules to the existing 14, using recognised technology that ensures safety, competitiveness and energy efficiency while reducing environmental impact.
This will enhance overall enrichment capacities in Europe, addressing the needs of Orano’s utility customers.
This project is in line with the European strategy to decrease the EU’s reliance on fossil fuel imports and speed up the shift towards low-carbon energy sources.
Initial operations are expected to start in 2028, with full commissioning expected by 2030.
Orano CEO Nicolas Maes said: “We are very proud of this cooperation, which represents further recognition of the strategic value of our investment plan for the climate and for the production of sustainable and decarbonised energy.
“The financing granted by the EIB for the capacity expansion at our Georges Besse 2 enrichment plant is perfectly in line with this objective, as the project will make it possible to take the number of households supplied with low-carbon energy up to a total of 120 million. Not least, in the current geopolitical context, this support for our activities from the EIB will help to strengthen security of supply in the European Union.”
The project was notified under Article 41 of the Euratom Treaty on 7 September 2023.
On 9 October 2024, the European Commission issued a favourable opinion, confirming that the project aligns with the Euratom Treaty and supports Europe’s security of supply.
In January 2025, Orano and Mongolia’s Government entered an agreement to develop a $1.6bn (Tg5.55trn) uranium project in the Dornogovi province of Mongolia.
