Hyundai E&C President Yoon Young-joon (left) poses for a photo with Bulgarian Prime Minister Dimitar Glavchev during a deal signing event in Bulgaria on Monday. (Hyundai E&C)

Hyundai Engineering & Construction said Tuesday it has signed a design and planning contract with Bulgaria's state energy agency for the new construction of the Kozloduy Nuclear Power Plant in the region, in partnership with US-based builder Westinghouse.

The signing took place at the Council of Ministers building in Sofia, Bulgaria, Monday, attended by key officials including Hyundai E&C President Yoon Young-joon, Bulgarian Prime Minister Dimitar Glavchev, Energy Minister Vladimir Malinov, KNPP NB President Petyo Ivanov and Westinghouse Vice President Elias Gideon.

During the event, Hyundai and Bulgarian officials reaffirmed their commitment to mutual cooperation. Prime Minister Glavchev expressed optimism about the project, stating, “We are pleased to partner with Hyundai E&C, a proven leader in the global nuclear market. We look forward to successful collaboration with our local partners on this project.”

The new construction at Kozloduy is a large-scale project to add two nuclear reactors, located about 200 kilometers north of Sofia. The total project cost is estimated at 20 trillion won ($14.5 billion). The initial design phase will begin this year, with the main construction contract expected to be finalized by the end of next year and project completion slated for 2035.

Hyundai E&C also noted that it was the only global company to meet all the strict prerequisites for qualification in the Kozloduy project’s bidding process this February, passing the prequalification assessment independently. The company further solidified its partnership credentials in September during a visit by Bulgarian Energy Minister Vladimir Malinov to Korea.

“Following the UAE Barakah Nuclear Plant project in 2009, this marks Hyundai E&C’s second milestone project in global nuclear history. Supported by the South Korean government’s active nuclear policy, Hyundai E&C will enhance Bulgaria’s energy security through the successful construction of the Kozloduy reactors," a Hyundai E&C official said.