Canadian authorities have approved a C$20.9 billion ($15.1 billion) project to build a new type of smaller nuclear power plant, giving a significant boost to the fledgling SMR reactor industry, Bloomberg reported, according to Agerpres.

In a press release published on Thursday, utility company Ontario Power Generation Inc. said it had received approval to build the first of four small modular reactors (SMRs) supplied by GE Vernova Inc. at the Darlington nuclear power plant. When completed, it will be the first SMR in the Group of highly industrialized nations, producing 300 megawatts of electricity, enough to power 300,000 homes.

Interest in nuclear power is growing worldwide as technology companies and governments see nuclear fission as a stable, clean energy source that can help meet rising electricity demand.

Small modular reactors (SMRs) would be made of standardized components that could be built in a factory and then transported to the site, significantly reducing costs and delays compared to building large conventional reactors. But so far, only a few SMRs have been completed, and only in Russia and China.

“By 2050, we will have 75% more electricity. If we don’t take decisive action, there could be serious consequences for our future and our economy,” said Steve Lecce, Ontario’s Minister of Energy and Mines.

The estimated cost of the first SMR to be built at the Darlington nuclear power plant is C$7.7 billion ($6.1 billion), with further reductions expected for subsequent units as the company gains expertise.

In Romania, the Doiceşti SMR project aims to develop the first nuclear power plant with NuScale Power’s SMR technology in Europe. Nuclearelectrica and RoPower Nuclear, the project company for the Doiceşti small modular reactors (SMRs), have signed a Front-End Engineering and Design Phase 2 (FEED 2) contract with Fluor Corporation. The Doiceşti SMR will help Romania avoid 4 million tons of CO2 emissions per year.