Korea Hydro & Nuclear Power (KHNP) has established a strategic partnership with South Korean construction company Samsung C&T for the joint development of overseas NPP projects. Under the agreement signed by KHNP President Hwang Joo-ho and Samsung C&T President Oh Se-cheol the collaboration will be extensive.
The collaboration will include: joint proposals for new nuclear power projects using business-to-business (B2B) cooperation; strengthening competitiveness for large nuclear power bids; and collaboration on small modular reactors (SMRs) for the development of new overseas nuclear power projects. The focus will be on NPP projects in the Asia Pacific region, where demand is expected to increase.
“In this changing global business environment, we will strive to build a stable partnership with Samsung C&T and open up new markets by utilising various business models,” said Hwang Joo-ho. “If the two companies, which have experience in managing nuclear power plants, the ability to execute large-scale infrastructure projects, and an international network and understanding, join forces, we will be able to create a more competitive business model.”
Oh Se-cheol noted the iomportance of establishing a differentiated business model that suits each country’s energy policy and demand. “We expect to create innovative synergy through mutual cooperation based on the technological prowess and global experience accumulated by both companies in large-scale nuclear power plants and small modular reactors.”
KHNP said the agreements reflect changes in the global market, noting the growing interest in SMRs and new business structures led by energy consumers and developers, moving away from the current business model centred on NPP operators.
