Seoul, May 1 South Korea has won a multibillion-dollar project to build two nuclear reactors in the Czech Republic, its first overseas nuclear power plant project in 16 years, according to a news report and officials.
A South Korean consortium, led by Korea Hydro & Nuclear Power Co. (KHNP), will sign a final agreement on the project with the Czech Republic's Elektrarna Dukovany II (EDU II) next Wednesday, Reuters reported, citing the Czech government, reports Yonhap news agency.
The South Korean government immediately welcomed the Czech government's announcement.
"The two countries are discussing the details of the planned contract signing ceremony," the Ministry of Trade, Industry and Energy said in a press release.
The deal, estimated to be worth 26 trillion won (US$18.2 billion), marks South Korea's first overseas nuclear power plant project win since 2009, when the KHNP won the Barakah Nuclear Power Plant contract in the United Arab Emirates.
In July 2024, South Korea was selected as the preferred bidder for the Czech project to build two nuclear reactors at the Dukovany power plant.
To clinch the deal, South Korea had to clear many hurdles.
In January, the KHNP reached an agreement with U.S. energy firm Westinghouse Electric Co. to settle an intellectual property dispute over the Czech power plant project.
An appeal by French energy firm Electricite de France (EDF) was also recently turned down by Prague's competition authority.
The power plant export to the Czech Republic is expected to help South Korea penetrate deeper into the European market in line with the rising global demand for nuclear energy, sparked by the artificial intelligence (AI) boom and heightened awareness on energy security amid geopolitical tensions.
With the Dukovany project, South Korea is expected to enjoy an upper hand in possible competition for another nuclear power plant project in the Czech Republic.
The European nation is reportedly considering building two additional reactors at another power station in Temelin.
For the Dukovany plant, South Korea plans to supply the Czech Republic with APR-1000 models, which are based on the advanced APR-1400 design employed by the Barakah Nuclear Power Plant, but modified to meet local demand, including a reduced capacity.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor