10 projects to watch: power and nuclear projects approaching final investment decision in 2025

Canada, Alberta

US$300m Varme Energy Alberta Waste to Energy Project

This waste-to-energy facility will have the capacity to process around 200,000 tonnes of solid waste annually for the generation of electricity. The government of Alberta provided US$2m funding for front-end engineering design studies, which were completed in December 2024. FID is expected in H1 2025, with construction to start later in the year.

UK, South Wales

EUS$392bn Last Energy Llynfi SMR Project

Last Energy is planning to build four PWR-20 micro modular reactors with a power output of 20MW in Bridgend County, south Wales. A letter of intent for US$103.7m in debt funding from the US Export-Import Bank has been secured. FID is expected by December 2025, with the first PWR-20 unit targeted for operation in 2027, pending licences and permits.

Morocco, Al-Wadha Dam

US$525m Office National de l’Electricite Al-Wahda Power Plant

The US$595m engineering, procurement and construction contract for this 990MW power plant went to a consortium of China Energy Engineering Corporation and Mitsubishi Power. 20% will be funded by Morocco’s national water and electricity utility, 80% by bank loans and energy financing funds. FID is expected in Q2 2025.

Guyana, Essequibo 

US$500m Government of Guyana Wales Thermal Power Plant (GTE – Phase 2)

Guyana’s 250MW combined-cycle power plant in the West Demerara-Essequibo Islands will deliver electricity to Guyana Power and Light under a 20 to 25-year power purchase agreement. Privately financed, it will be built next to the phase 1 facilities at the Wales Development Zone. An FID is expected in Q4 2025/Q1 2026.

UAE, Abu Dhabi

US$2.5bn Emirates Water and Electricity Company Taweelah C Gas Fired Power Plant

A 2,457MW gas-fired power station will be constructed in Taweelah, Abu Dhabi. The plant will have either a combined cycle or open cycle configuration and will be ready to be fitted with carbon capture technology. Nine companies have been prequalified to bid for development of the project. No FID date as yet.

US, Odessa, Texas

US$840m NET Power Odessa Gas Fired Power Plant

NET Power’s 300MW utility-scale natural-gas-fired power plant will use carbon capture technologies to emit near-zero emissions, including nitrogen oxides, sulphur oxides and CO2. The plant, expected to be online in 2028, will be near Occidental’s Permian Basin operations in Odessa, Texas. FID is expected in Q2 2025, with construction to follow. 

Bulgaria, Kozloduy

US$7.7bn Bulgaria Energy Holding Kozloduy Nuclear Power Plant Unit 5 & 6 Upgrade and Unit 7 & 8 New Build

Westinghouse’s AP1000 reactors will be used for construction of Kozloduy’s seventh and eighth 1,760MW units. The project also includes life extension of units 5 and 6. In 2024, Westinghouse and Hyundai E&C were awarded a 12-month engineering contract for licensing, permitting, and project management.

Romania, Cernavoda 

US$8.8bn Nuclearelectrica Cernavoda Nuclear Power Plant Expansion (Units 3-4)

FCSA Joint Venture, including Fluor, AtkinsRéalis, Ansaldo Nucleare and Sargent & Lundy Energie, has been awarded a US$3.4bn engineering, procurement and construction management contract. The project will have two phases: Limited Notice to Proceed and Final Notice to Proceed, contingent on FID finalisation.

Vietnam, Quang Tri Province

US$2.3bn T & T Group Hai Lang LNG Fired Power Plant

Feasibility studies are complete and government-approved for this 1.5GW LNG-fired plant in Hai An and Hai Ba. The project is moving to power purchase agreement negotiations and engineering, procurement and construction contractor selection. Financial close targeted for Q4 2025/Q1 2026.

One to watch

Barbados,Saint Philip

US$65m HDF Energy Renewstable Barbados Hydrogen Power Plant

HDF Energy is developing a green hydrogen power plant in Saint Philip, eastern Barbados, with a capacity of 60GWh per year. The facility includes a 50MW solar PV plant, a green hydrogen production unit and a 128MW energy storage battery. As part of HDF Energy’s flagship Renewstable® hydrogen power plant model, the project is currently in the procurement phase, with an FID expected in Q2 2025.

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