Hyundai E&C named preferred bidder for Bulgarian nuclear project

The Kozloduy nuclear power plant in Bulgaria [KOZLODUY NPP]

Hyundai Engineering & Construction (Hyundai E&C) has been named the preferred bidder for Bulgaria's major nuclear plant project.

This marks the construction company’s first win for an overseas nuclear power plant project since the United Arab Emirates’ Barakah project 15 years ago.

Hyundai E&C said Sunday that it passed the pre-qualification and won approval from the Bulgarian parliament to handle the construction and commissioning of a $14-billion project to build two 2,200-megawatt reactors at the Kozloduy nuclear power plant, about 200 kilometers (124 miles) north of the Bulgarian capital of Sofia.

Westinghouse, a U.S. nuclear company, will produce and supply the reactors, while Hyundai E&C will likely spearhead the installment and construction. Hyundai’s stake in the project is yet to be decided.

The company beat U.S. competitors Bechtel and Fluor and Chinese competitors to be selected as the preferred bidder, as five companies filed applications for the project. The formal contract will likely be awarded in April after negotiations with the Bulgarian side.

The Kozloduy nuclear power plant is Bulgaria’s first and handles about one-third of the Balkan country’s total power generation. Four units were decommissioned due to old age, while two remain running. The upcoming two reactors, unit 7 and unit 8, are planned to be operational by 2035.

Hyundai E&C carried out the construction of the Barakah project, which was won in 2009, jointly with Samsung C&T.

The company said the government’s strong support for the nuclear industry contributed to the latest win.

Hyundai E&C “being named the preferred bidder for the Kozloduy nuclear power plant project marks a renaissance of Korea’s nuclear industry, which has been stagnant due to the previous nuclear phase-out policy and such,” said the company’s spokesperson in a release.

“As the European market, especially, has turned to a more positive stance toward nuclear power with the green taxonomy and Net-Zero Industry Act, large-scale projects are likely to come from the bloc,” said the spokesperson, adding that Hyundai E&C “will try its best to win more orders by taking part in Team Korea [bidding consortia] and seeking many other routes as well.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]