Helsinki: Hyundai Engineering and Construction (E and C) Co. announced on Tuesday that it has entered into an early works agreement (EWA) with Finland's state-owned energy company Fortum and U.S. nuclear firm Westinghouse. This agreement is aimed at collaboratively pursuing the construction of a new nuclear power plant in Finland.
According to Yonhap News Agency, the agreement was signed last week at Fortum's headquarters in Helsinki. This development follows the selection of a consortium consisting of Hyundai E and C and Westinghouse as the preferred partner for early-stage project development in Finland. The EWA allows the participating companies to initiate preliminary work on the project even before a final investment decision or a full construction contract is finalized.
The consortium, under this agreement, will conduct comprehensive studies related to project planning, site evaluations, and other essential groundwork for the potential construction of Westinghouse's 1,000-megawatt-class AP1000 reactor.
Hyundai E and C expressed that the agreement is a significant opportunity to showcase its project capabilities and to establish a robust cooperative relationship with Fortum. This collaboration is anticipated to strengthen Hyundai E and C's position ahead of a potential full-scale construction contract.
A company official stated, "Leveraging over five decades of experience in the nuclear power sector and our world-class engineering, procurement, and construction capabilities, Hyundai E and C aims to provide reliable nuclear power solutions to key markets, including Europe."