Hyundai Engineering & Construction (Hyundai E&C) has discussed financing matters with Ukraine’s state-owned nuclear power company Energoatom, as part of efforts to accelerate progress on a nuclear power plant project.
On April 4 (local time), executives from Hyundai E&C’s European branch met with Energoatom CEO Petro Kotin to discuss the implementation of the Ukrainian nuclear power project.
During the meeting, the two sides explored funding solutions for key infrastructure initiatives, including the construction of Units 5 and 6 at the Khmelnytskyi Nuclear Power Plant and the completion of Units 3 and 4 of the VVER-1000 reactor series.
In connection with this, Energoatom also signed a contract with the local Sense Bank for the purchase of equipment manufactured in Bulgaria.
In May last year, Hyundai E&C agreed to cooperate with Energoatom on the design, construction, and commissioning of new large-scale nuclear power plants, and committed to participating in the construction of Khmelnytskyi Units 5 and 6.
As part of the project, Hyundai E&C plans to utilize the AP1000 technology—a third-generation nuclear reactor developed by U.S.-based Westinghouse—for the new units. The company also intends to promote local production of nuclear-related equipment in Ukraine.
Earlier, in December 2023, Hyundai E&C and Energoatom signed a Letter of Intent (LOI) outlining broad cooperation in nuclear power projects during the 2023 World Nuclear Exhibition (WNE) held in Paris, France.
Under the agreement, the two companies plan to collaborate on large-scale nuclear projects and small modular reactor (SMR) initiatives in Ukraine, secure financing for new plant development, and exchange technologies and expertise related to nuclear research and development.
