Hyundai Engineering and Construction (Hyundai E&C) announced on Feb. 25 that Bulgaria has selected them as the sole eligible bidder to proceed in the expressions of interest process for constructing a new reactor at the Kozloduy nuclear power plant.
The project company, Kozloduy NPP - New Builds, revealed that after a thorough review, Hyundai E&C was proposed for inclusion in the shortlist of potential construction companies for the nuclear power plant project, utilizing AP1000 technology. This recommendation was based on a ‘pass/fail’ principle, and the commission’s report received approval from the project company.
With this development, Hyundai E&C is poised to advance to the next stage of the process and submit an offer.
Previously, Kozloduy NPP - New Builds had invited expressions of interest from several companies, including Fluor BV, Bechtel Nuclear Power Company Limited, a consortium led by China National Nuclear Corporation Overseas and partner China Energy Engineering Group Tianjin Electric Power Construction Co, as well as China Energy Engineering Corporation Limited. These companies were required to meet specific qualifying criteria related to construction experience, commissioning of nuclear units, and financial performance.
This recent contract marks a significant milestone for Hyundai E&C, as it represents the first international nuclear power project secured by a local construction firm in 15 years since the Barakah nuclear power plant project in 2009. Hyundai E&C has a strong track record, having served as the primary contractor for the construction of 24 out of 36 large-scale Korean-style nuclear power plants.
The most recent contract obtained by a local construction firm for a substantial international nuclear power venture marks the first such deal in 15 years since the Barakah nuclear power plant project in the United Arab Emirates back in 2009. Hyundai E&C boasts a history of serving as the primary contractor for the construction of 24 out of 36 large-scale Korean-style nuclear power plants.
Hyundai E&C attributed the success of this contract to government-supported initiatives. An official from the company expressed optimism that this achievement would signal a revitalization of South Korea’s nuclear industry, which has faced challenges due to anti-nuclear policies in the past.
Bulgaria’s decision to close Kozloduy units 1-4, following negotiations with the EU in 2007, led to the pursuit of new nuclear units at the plant. The upcoming units are expected to be Westinghouse AP1000 reactors, replacing the older VVER-440 models. Units 5 and 6, featuring VVER-1000 reactors, continue to operate following refurbishment and life extension programs.
The total project cost is approximately 18.7 trillion won, with Hyundai E&C responsible for overseeing all construction aspects. Industry experts estimate that Hyundai E&C will account for around 50% of the total project cost, equating to 8 to 9 trillion won.
