Minister Мalinov: We expect by the end of Оctober a contract for the engineering of the new nuclear capacities to be signed with Hyundai and Westinghouse
The Export–Import Bank of Korea will issue a letter of intent for the financing of the project
We expect by the end of October a contract for the engineering to be signed by Kozloduy NPP – New Builds PLC and a consortium between the Korean Hyundai Engineering and Construction and the US Westinghouse Electric Company. This was announced by the Minister of Energy Vladimir Malinov following a meeting with the President and CEO of Hyundai Engineering and Construction Yoon Young-joon.
It is recalled that according to a Decision of the National Assembly of 23 February 2024, negotiations had to be held between Kozloduy NPP – New Builds PLC and Hyundai Engineering & Construction Co for the engineering, construction, procurement and commissioning of a nuclear plant on the site approved in Kozloduy with the technology АР1000. Minister Malinov and Mr Yoon Young-joon agreed on the fact that both countries will make their best efforts to guarantee that the first AP 1000 reactor will be built in Bulgaria. "The project to build the 7th and 8th units at Kozloduy nuclear power plant is strategic for Bulgaria and Europe to achieve a low-carbon economy. The main goal of the Bulgarian government is to speed up the implementation of the project, and this year is key to focus on the design, structuring of the financing and the business model” Minister Malinov underlined at the meeting with the management of Hyundai Engineering and Construction.
On his first day of visit in Seoul Energy Minister Vladimir Malinov met the CEO and President of one of the leading Korean banks - the Export-Import Bank of Korea, Mr Hee-seong Yoon. As an official export credit agency it provides overall export credits and guarantee programmes supporting the Korean companies in their foreign business.
"For the Bulgarian side the issue related to ensuring the financing for the realisation of the project for the construction of new nuclear capacities in Kozloduy NPP remains key". According to the Decision of the National Assembly of 18.12.2023, the talks to ensure external financing with financing institutions for the construction of new nuclear capacities must come to an end by 30.07.2025. "We strive to achieve an optimum mix to ensure a financing both from Korean, and US institutions", he added. Malinov reminded that following his visit to the US in May this year a letter of intention for the financing of more than US 8 billion was received from EXIM Bank for the realisation of the project. A commitment was made by the Korean EXIM Bank to accelerate as much as possible the issuance of a letter of intention for the financing of the Korean involvement in the project and the document to be received within September.
The Energy Minister Vladimir Malinov will further meet the Chairman and President of the Korea Trade Insurance Corporation (K-SURE), Mr Youngjin Jang.
