The European Investment Bank (EIB) has entered into a financing agreement with Orano, providing €400m to facilitate the expansion of the Georges Besse 2 uranium enrichment plant at Tricastin in France.
This initiative is part of the European Union’s broader strategy to reduce dependence on the imports of fossil fuels and speed up the shift to low-carbon energy solutions.
The investment aims to enhance Europe’s energy security and autonomy.
Orano, by utilising its expertise in uranium enrichment for low-carbon energy, plans to increase production capacity at the facility by 30%, adding 2.5 million separative work units (SWUs).
Four additional modules will be developed alongside the existing 14, using established centrifuge technology. The expanded facility is expected to begin operations in 2028, achieving full commissioning by 2030.
Valued at approximately €1.7bn, this project relies significantly on the EIB loan. Orano’s approach involves employing predominantly European technologies and involving French companies in various stages of development.
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.”
Approval from the European Commission was secured under Article 41 of the Euratom Treaty, affirming the project’s compliance and its role in reinforcing Europe’s energy supply security. Construction began with a formal ceremony on 10 October 2024.
The EIB adheres to a technology-neutral policy aligned with EU objectives focused on decarbonisation, competitiveness, and sustainable energy provisions. This project contributes to the European Commission’s REPowerEU programme, which supports initiatives aimed at boosting energy transition and enhancing European energy independence.
In 2024, EIB investments in European energy security totalled €31bn, mobilising over €100bn for renewable energies, networks, interconnections, energy efficiency, and storage projects.
EIB Vice-President Ambroise Fayolle said: “This significant EIB financing contributes to European energy independence.
“Decarbonised energies are essential to enable the European Union to meet the ambitious climate neutrality objectives it has set itself.”
