Hyundai E&C is accelerating its expansion of nuclear power territory in Europe as it enters the Nordic large nuclear power market, following its entry into the Eastern European market.
Hyundai E&C announced on the 24th that it signed an Early Works Agreement (EWA) for the construction of a new nuclear power plant in Finland with the state-owned Finnish energy corporation Fortum and Westinghouse on the 19th (local time).
The contract ceremony held at Fortum's headquarters in Helsinki, Finland, was attended by Choi Young, Head of the New Energy Division at Hyundai E&C, Laurent Leveugle, Vice President of Fortum's new nuclear power division, and Elias Gedeon, Senior Vice President of Westinghouse. They formalized the early works commencement for the new nuclear power construction and discussed cooperation measures for smooth project execution.
This cooperation agreement is a follow-up action based on the comprehensive feasibility study conducted over two years after Fortum decided to build the new nuclear power plant to enhance energy self-sufficiency, which selected the Hyundai E&C-Westinghouse consortium as the candidate for the early works agreement last March.
The Hyundai E&C-Westinghouse consortium plans to conduct an in-depth review of the overall construction of the AP1000®, including the establishment of initial project plans, site evaluation for the nuclear power plant, and examination of licensing-related matters, based on this agreement.
Through this project, Hyundai E&C plans to reaffirm its outstanding business capabilities and establish a close cooperative relationship with the client, aiming to secure differentiated competitiveness before winning construction contracts.
Countries across Europe are accelerating their nuclear power expansion policies with the aim of enhancing energy security. Accordingly, Hyundai E&C conducted design services for units 7 and 8 of the Kozloduy Nuclear Power Plant in Bulgaria based on the strategic agreement signed in 2022 with Westinghouse for joint participation in the global market for large-scale nuclear power plants (AP1000).
Focusing on expanding its base for entering the global nuclear power market, including Europe, it is dedicated to the preliminary preparations for the EPC contract and actively participating in nuclear power projects in Slovenia, Sweden, and other countries.
A Hyundai E&C official noted, "We plan to successfully complete this project to gain a competitive advantage in the upcoming EPC construction bids," adding, "Amid growing attention to the role of nuclear power generation globally, Hyundai E&C will provide reliable nuclear construction solutions in major markets, including Europe, based on the expertise and EPC capabilities accumulated over the past 50 years."