Hyundai E&C, credited with pioneering South Korea's entry into the global nuclear power sector through the Barakah Nuclear Power Plant project in the UAE, has been named the preferred bidder for a significant nuclear power project in Bulgaria, signaling its return to the international markets after a hiatus of 15 years. It has been analyzed that the government's renewed commitment to the revitalization of the nuclear power industry and its continued policy of support for the country's transition to a nuclear powerhouse is showing tangible results.

On Nov. 23 (local time), Hyundai E&C announced that it has exclusively passed the pre-qualification (PQ) process for the new construction of the Kozloduy Nuclear Power Plant in Bulgaria and was granted the approval of the Bulgarian Parliament. Hyundai E&C was named the preferred bidder for the new construction of the Kozloduy NPP, a project to build two additional total 2,200 MW nuclear reactors at the Kozloduy NPP Complex, located about 200 kilometers north of the capital city of Sofia. The final selection of the contractor is expected in April, after negotiations with the project owner, Kozloduy NPP-New Builds (KNPP NB), are complete.

The Kozloduy NPP, responsible for producing one-third of Bulgaria's electricity, stands as the nation's inaugural nuclear power facility, established in 1969. Due to their age, Units 1 to 4 were decommissioned, while Units 5 and 6 continue to be in service, utilizing pressurized water reactors of Russian design. The upcoming Units 7 and 8 are set to be equipped with AP1000 reactors, with an anticipated operational start by the year 2035.

Hyundai E&C emerged as the sole contractor to fulfill all the rigorous prequalification criteria in the tender, outperforming leading firms like Bechtel and Fluor, and uniquely received parliamentary approval, further affirming its position as a premier global nuclear power plant builder.  This achievement is believed to attributable to the government's initiative to revitalize the nuclear ecosystem and its continued backing for K-NPP, coupled with Hyundai E&C's extensive construction experience, advanced technology, and robust financial standing.

In fact, Hyundai E&C won the main facility construction of Shin Hanul Units 3 and 4 Nuclear Power Plant, which was reopened last year, continuing its overwhelming record of participating as the main contractor in 24 out of 36 large Korean NPPs at home and abroad, starting with Kori Unit 1, the country's first nuclear power plant, and expanding to next-generation nuclear power projects such as SMRs after the 2022 U.S.-Korea Summit, as the partnership under the Korea-U.S. Clean Energy Alliance expands to include SMRs.

In addition, obtaining contracts for NPPs abroad will provide opportunities for domestic nuclear power companies to collectively penetrate the associated markets. Through the development of a varied supply system, it is expected to have a significant economic impact on the entire nuclear power sector, including job creation and production promotion.

“The selection as the preferred bidder for the Kozloduy NPP in Bulgaria will signal the renaissance of Korea's nuclear power industry, which has been somewhat stagnant due to the country's nuclear phase-out policy,” said a Hyundai E&C official. “Especially in the European market, as the positive trend toward nuclear power is gaining momentum from Green Taxonomy to the Net-Zero Industry Act (NZIA), large-scale orders are expected, so we will strive to deliver more orders through diverse channels, not to mention our participation in Team Korea.

Meanwhile, Hyundai E&C is leading the way in strengthening the status of K-NPPs by expanding its global footprint in the entire nuclear lifecycle, including SMRs, nuclear decommissioning, and spent fuel facilities, in addition to large-scale NPPs, by signing an exclusive agreement with US nuclear power company Holtec International and becoming the first Korean builder to begin designing the first SMR unit in the US.