Swedish energy developer Videberg Kraft has selected Rolls-Royce SMR to build three small modular reactors on the Värö peninsula, on Sweden’s west coast, in what represents the country’s first new nuclear power plant in more than 40 years.
Three reactors will be built under the Videberg Project, adding 1,500 megawatts of clean baseload electricity capacity, roughly six percent of Sweden’s total annual power consumption. The first reactor is expected to enter commercial operation in the mid-2030s, with the plant designed to run for more than 60 years.
The deal is a significant export win for the United Kingdom. The UK government backed the bid through an active export campaign, including a visit by Business Secretary Peter Kyle to Stockholm earlier this year. UK Prime Minister Keir Starmer described the contract as showcasing British engineering on the world stage and securing high-value jobs and investment for years to come.
Sponsored · Altamira Gold Corp.
The selection marks Rolls-Royce SMR’s third major contractual commitment in Europe, following a deal with Great British Energy – Nuclear to build the UK’s first SMRs at Wylfa in North Wales, and an early works contract with Czech utility ČEZ for deployment at the Temelín site. Rolls-Royce SMR CEO Chris Cholerton noted that the Swedish selection followed a rigorous process that began in 2022 and considered both large-scale and small modular reactor options before settling on the Rolls-Royce design.
Rolls-Royce plc CEO Tufan Erginbilgic pointed out that the company has now won every competitively tendered SMR selection process in Europe, positioning it as the only firm with multiple contractual commitments to deliver SMR units across the continent.
The global SMR market is projected to reach nearly £500 billion by 2050.
Rolls-Royce SMR uses a standardised, factory-built approach to nuclear deployment, which the company says improves cost and schedule certainty compared to conventional large-scale nuclear construction. The technology is currently in the final stages of the UK regulatory review process.
Beyond electricity generation, the Videberg Project is intended to support industries and households in southern Sweden and complement the country’s existing energy mix of hydro, wind, solar, and combined heat and power. Both the UK and Swedish governments said they would explore further collaboration between their respective SMR programmes as the projects advance toward construction.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
