Bulgaria Secures Engineering Contract with South Korean and American Firms for Kozloduy NPP Expansion

In the coming two months, the company "Kozloduy NPP - New Powers" is set to finalize an engineering contract with a consortium comprised of South Korea's Hyundai Engineering and Construction and the American firm Westinghouse Electric Company. This announcement was made by Acting Minister of Energy Vladimir Malinov, who is currently in Seoul meeting with Hyundai's executive director.

Following a decision by the National Assembly on February 23, 2024, "Kozloduy NPP - New Powers" EAD was assigned the task of negotiating with Hyundai Engineering Construction Co for the engineering, construction, delivery, and commissioning of a nuclear power plant utilizing AR1000 technology at the approved site in Kozloduy.

Minister Malinov and Hyundai's Yoon Young-Joon have committed to making every effort to construct the first AP1000 reactor in Europe, located in Bulgaria. Malinov emphasized the strategic importance of the project for Bulgaria and Europe's transition to a low-carbon economy. He highlighted the need to expedite the project, focusing this year on design, financing structuring, and developing the business model.

During his first day in Seoul, Minister Malinov also met with Mr. Hee-sung Yoon, chairman and executive director of the Export-Import Bank of Korea. The bank, a key export credit agency, provides extensive export credit and guarantee programs to support Korean businesses overseas.

Bulgaria has already secured an 8 billion dollar loan from the Export-Import Bank of the United States. The Korean Eximbank has pledged to expedite the issuance of a letter of intent for financing Korean participation in the project, with the document expected by September, according to the Ministry of Energy.