Engineering contract for the new nuclear power plants with Hyundai and Westinghouse is expected to be signed by the end of October

"We expect an engineering contract to be signed by the end of October between Kozloduy NPP - New Power Plant – LTD. and a consortium between the Korean Hyundai Engineering and Construction and the American Westinghouse Electric Company," said the Minister of Energy Vladimir Malinov after a meeting with the executive director and president of Hyundai Engineering and Construction Yun Young Jun.

Reminder: According to the decision of the National Assembly of February 23, 2024, it was assigned to conduct negotiations between "Kozloduy NPP - New capacities" - EAD and Hyundai Engineering & Construction Co for engineering, construction, delivery and commissioning of a nuclear power plant at the approved site in Kozloduy, with AR1000 technology.

Minister Malinov and Mr. Yun Young Jun agreed that the two countries will make every effort to build the first AP 1000 reactor in Europe in Bulgaria.

"The project for the construction of the 7th and 8th units at the Kozloduy nuclear power plant is strategic for Bulgaria and Europe in order to achieve a low-carbon economy. The main goal of the Bulgarian government is to accelerate the implementation of the project, and this year it is key to let's focus on the design, structuring of the financing and the business model," Minister Malinov emphasized during the meeting with the management of Hyundai Engineering and Construction.

On Bulgarian side, the issue of securing financing for the implementation of the project for the construction of new nuclear facilities at the „Kozloduy“ NPP remains of key importance. According to the decision of the National Assembly of 18.12.2023, negotiations for securing external financing with financing institutions for the construction of new nuclear facilities should be completed by 30.07.2025. "We strive to achieve an optimal mix of securing funding from both Korean and American institutions," he added.