Orano: €300 Million capital increase to support development projects
Since 2021, the French government has been committed to supporting the nuclear sector to ensure the country’s energy independence. This time, Orano is the beneficiary of this commitment with a significant capital increase to support the company’s developments, particularly investments in the Georges Besse II enrichment plant.
On 24 October 2024, Orano announced a €300 million capital increase, fully subscribed by the French government. This operation, approved by Orano’s General Assembly on 9 October, demonstrates the government’s intent to support the growth of the company, which has multiple ongoing projects aimed at strengthening the downstream segment of the fuel cycle.
With this operation, the government’s stake in Orano has risen to 90.33%, while the shares of Japanese stakeholders, Japan Nuclear Fuel Limited and Mitsubishi Heavy Industries Ltd, have decreased to 4.83% each. This capital increase will fund large-scale projects, including the expansion of the Georges Besse II uranium enrichment plant, which is set to increase its capacity by 33%. This investment is critical for Western independence from Russian conversion and enrichment services (Rosatom). While France itself is not dependent on such services, many Eastern European countries, which operate Russian-technology reactors, as well as the United States, are affected.
Sovereign, Sustainable, and Decarbonised Energy
The State Shareholding Agency (APE) confirmed that this €300 million investment aligns with a broader initiative to support the French nuclear industry. Antoine Armand, Minister of the Economy, stated: “This state investment in Orano’s capital reaffirms France’s commitment to strengthening and diversifying its nuclear sector to provide our citizens and partners with sovereign, sustainable, and decarbonised energy.”
Nicolas Maes, CEO of Orano, also highlighted the importance of this operation: “This capital increase marks an important step in Orano’s development. It reflects the French government’s confidence in our strategic roadmap by actively participating in the financing of our major investment and growth projects.” ■