Caretaker Minister of Energy Vladimir Malinov announced that Bulgaria expects to sign an engineering contract with a consortium comprising Korea’s Hyundai Engineering & Construction and the US Westinghouse Electric Company by the end of October. This follows a recent meeting with the CEO and President of Hyundai Engineering & Construction.
In February 2024, the Bulgarian Parliament authorized negotiations with Hyundai Engineering & Construction, which has been shortlisted as the potential contractor for engineering, design, delivery, and commissioning of new units at the NPP Kozloduy site. The future units will utilize Westinghouse’s AP1000 technology.
Minister Malinov emphasized the importance of expediting the construction of new nuclear capacities at NPP Kozloduy. By the second half of 2025, three key processes must be completed: securing financing, preparing the basic design for units 7 and 8, and making a final investment decision. The goal is to build the first AP1000 reactor in Europe at this site, advancing Bulgaria’s and Europe’s low-carbon economy objectives.
During the meeting, Minister Malinov and Hyundai’s CEO agreed to prioritize efforts to achieve the project’s success. The project is considered strategic for Bulgaria and Europe. Malinov highlighted the need to focus on design, financing, and business model structuring within this year to maintain momentum.
Additionally, Minister Malinov discussed financing options with the Chairman and CEO of the Export-Import Bank of Korea. Securing financing remains a critical issue, with negotiations expected to conclude by July 30, 2025, as per the National Assembly’s December 2023 decision. The aim is to secure an optimal mix of financing from both Korean and US institutions.
