South Korean energy company willing to co-finance Polish nuclear programme

South Korea’s state-owned energy company Korea Hydro and Nuclear Power (KHNP) is willing to make a direct financial contribution to the Polish nuclear project, the deputy CEO of KHNP, Seung Chul Lee, told the Polish Press Agency (PAP).

In late April, KHNP filed a formal offer to build six APR1400 reactors with a total installed capacity of 8.4 GW for Poland. According to KHNP, the APR1400 reactors meet the basic requirements set out in the Polish programme.

According to the Polish government’s energy strategy, six nuclear power units are to be constructed. The first reactor is planned to start working in 2033, generating some 1-1.6 GW of power. Subsequent reactors would be constructed every two to three years.

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Lee Seung-Chul said that KHNP is willing to take 20-30 percent of a 49 percent stake in the Polish nuclear project and meet other requirements set by the Polish government for a potential strategic partner for the programme.

“This would be the KHNP’s direct contribution to the investment. The rest would be covered by financial institutions. On the Korean side, it would be export credit agencies,” he said.

KHNP will also investigate the possibility of obtaining financing from commercial banks, the official added.

The Korean side also estimates that financial guarantees from the Polish government will be necessary for the whole nuclear project, Lee Seung-Chul said.

Other possibilities

Poland has already signed an inter-governmental agreement with the US under which American companies were to submit their offers this year.

On October 28, 2021, French state-controlled power group EDF offered to build four to six nuclear reactors in Poland, with a total installed capacity of 6.6-9.9 GW.