A South Korean consortium led by the state-run Korea Hydro & Nuclear Power was selected as the preferred bidder for the construction of up to four nuclear power plant units in the Czech Republic, beating out a French team that competed for the central European country's largest investment project.

The consortium, comprising six South Korean companies, including KHNP, Doosan Enerbility and Daewoo Engineering & Construction, as well as affiliates of the state-owned Korea Electric Power Corp., including Kepco Engineering & Construction, won the binding offer for four new units as announced in February. Another consortium led by Electricite de France also competed for the deal.

As the preferred bidder, the South Korean consortium is likely to negotiate with the Czech counterpart before signing a formal deal to build two nuclear power plants in Dukovany, a city located 170 kilometers southeast of the Czech Republic's capital Prague. Each unit is expected to boast 1,000 megawatts of capacity. The cost for the construction of the two units is estimated at 24 trillion won ($17.4 billion), according to Seoul. The KHNP-led consortium also has the exclusive right to a contract for two more units in Temelin, 100 kilometers south of Prague, if the Czech government approves the project.

President Yoon Suk Yeol's office on Wednesday evening hailed the announcement by the Czech government as an outcome of the "Team Korea spirit" through which South Korea's public and private sector had joined forces.

Sung Tae-yoon, director of national policy at the presidential office, said the deal will open the doors for South Korea's nuclear exports to Europe, the birthplace of commercial nuclear power plants.

"We thank the Czech Republic for selecting South Korea (as the preferred bidder) in the largest investment project in (the central European country)," Sung said.

Sung added the value of the project will be finalized at the time of the signing of documents.

This will mark South Korea's biggest nuclear plant deal in 15 years since the country began nuclear exports.

A 20 trillion won contract in 2009 to build four nuclear reactors in Barakah, United Arab Emirates, was the first nuclear export in South Korea's history. Three of the four units in Barakah have started commercial operations, while the last one is set to start later this year. The KHNP also won a 3 trillion won bid in 2022 to take part in a project for four 1,200-megawatt-level nuclear reactors in El Dabaa, Egypt, about 300 kilometers northwest of the Egyptian capital Cairo.

Earlier this month, President Yoon asked President of the Czech Republic Petr Pavel to allow South Korean firms to participate in the Czech nuclear unit project, as they held bilateral talks on July 10 in Washington on the sidelines of the NATO summit the previous week.

Yoon there highlighted South Korean firms' "construction prowess and competitive pricing," according to the presidential office.

The Czech Republic currently generates about one-third of its electricity from four units at Dukovany and two units in operation at Temelin. Under its blueprint, Czech authorities seek to finalize the contract for two Dukovany units by March 2025.