TerraPower Names Hyundai E&C as EPC Contractor for Up to Eight Natrium Reactors
TerraPower has picked Hyundai Engineering & Construction as the engineering, procurement and construction contractor for as many as eight of its future Natrium reactors, with completion, price and performance guarantees attached, World Nuclear News reported.
The EPC selection sits inside a wider set of agreements the US small modular reactor developer signed with HDEC and SK Innovation, both of South Korea, covering development and commercialisation of Natrium technology across the USA, Korea and select international markets, according to World Nuclear News.
Separately, TerraPower and SK Innovation announced a term sheet agreement intended to advance work on Korea's first commercial Natrium plant, with plans to expand internationally, World Nuclear News reported.
The arrangements build on a trilateral memorandum of understanding signed in May by HD Hyundai, TerraPower and HDEC to cooperate on next-generation sodium reactor projects.
The guarantee structure attached to the HDEC contract is the substantive term in the package: completion, price and performance commitments shift construction risk onto the contractor rather than the technology developer, in a sector where first-of-a-kind cost overruns have been the recurring problem.
Source: world-nuclear-news.org (opens in a new tab)1 sourcePermalink