Hyundai Construction Secures Pre-Construction Agreement for Nuclear Power Plant in Finland

Hyundai Construction has signed a pre-construction agreement with Fortum, a Finnish state-owned energy company, and Westinghouse to build a new nuclear power plant in Finland. This agreement follows the selection of the Hyundai Construction-Westinghouse consortium as the target for the pre-construction agreement in March, based on a comprehensive feasibility study conducted over the past two years. The consortium will conduct an in-depth review of the overall AP1000 construction, including initial project planning, nuclear power plant site assessment, and permit-related matters. Hyundai Construction aims to reaffirm its project capabilities and establish a close cooperative relationship with the client to secure competitiveness ahead of the main construction order.

Key Takeaways:

• The Hyundai Construction-Westinghouse consortium will conduct a thorough review of the entire AP1000 construction process, including initial project planning, site evaluation, and permit-related matters.
• Hyundai Construction plans to reconfirm its excellent business capabilities through this project and establish a close cooperative relationship with Fortum to secure a differentiated competitive edge before bidding for the project.
• The company is accelerating its expansion into the European nuclear power market, with a focus on expanding its presence in the global nuclear power market, including Europe, by actively participating in nuclear power plant projects in Slovenia and Sweden.
• Hyundai Construction has signed a strategic agreement with Westinghouse in 2022 to jointly participate in the global market for large-scale nuclear power plants.
• The company is actively participating in nuclear projects in Slovenia, Sweden, and other countries, while performing a design contract for the Kozloduy 7 and 8 nuclear power plants in Bulgaria and preparing for an EPC contract.

Statistics:

• 2 years: duration of the comprehensive feasibility study conducted by Hyundai Construction and Westinghouse.
• 2022: year in which Hyundai Construction and Westinghouse signed a strategic agreement to jointly participate in the global market for large-scale nuclear power plants.
• 4 countries: Slovenia, Sweden, Finland, and Bulgaria, where Hyundai Construction is actively participating in nuclear power plant projects.

Sources:

• Hyundai Motor Group
• Contify.com
• (June 24, 2023) - Hyundai Construction Signs Pre-Construction Agreement for Nuclear Power Plant in Finland with Fortum and Westinghouse