The state-run utility firm Korea Electric Power Corporation (KEPCO) agreed to invest $900m in a company operating the first nuclear power plant in the United Arab Emirates (UAE), reported Reuters.
South Korea’s energy ministry said that KEPCO’s CEO,Cho Hwan-eik, and Emirates Nuclear Energy Corporation’s (ENEC) CEO,Mohamed Al Hammadi, signed the deal to co-invest in the company managing and operating UAE’s Barakah nuclear power plant, located 270 km west of Abu Dahbi, for the next six decades, according to The Korea Herald.
KEPCO is currently building four nuclear power plants in the UAE, at $18.6b investments and a production capacity of 5,600MW. The first plant will be completed in 2017, with the last one by 2020.
In related Emirate energy diversification news, Egypt Oil&Gas reported that Abu Dhabi Water and Electricity Company (ADWEC) would expand its Solar PV independent power project at Sweihan to 1GW after six pre-qualified bidder consortia has submitted proposals, with the lowest bid at $0.0242 per kilowatt-hour (kWh) coming from Asia. The expected commercial operation date of the project is scheduled for the first quarter of 2019.