SEOUL, June 5 (UPI) -- Korea Hydro & Nuclear Power announced Thursday that it had signed a deal to build two nuclear reactors in the Czech Republic, worth at least $18 billion.
Under the agreement, KHNP will hold a kick-off meeting with its Czech partners soon to start construction of two 1,000-megawatt units in Dukovany, about 120 miles southeast of Prague.
Construction is scheduled to begin in 2029 and finish by 2037. Other than KHNP, corporations such as Daewoo E&C and Doosan Enerbility joined the South Korean consortium.
KHNP also noted that if the Czech Republic moves forward with plans to build two additional reactors at a separate site, the company may have an opportunity to secure another contract in the European country.
"This contract is a testament to the world-class technology and reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said in a statement.
"We will continue to enhance the global competitiveness of our nuclear ecosystem and deliver safe, sustainable energy for future generations," he added.
Last July, the Czech Republic named the South Korean consortium headed by KHNP as the preferred bidder. It marked KHNP's first major project in Europe.
The contract signing was originally set for early May, but was delayed by a Czech court, which issued an injunction due to the complaint from the losing bidder, France's EDF.
Westinghouse of the United States initially joined the tender but withdrew early, leaving KHNP and EDF in a head-to-head contest.
However, the Zech Supreme Administrative Court overturned the injunction, clearing the way for KHNP to finalize the deal.
