Dubai – Mubasher: The Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO) signed a joint venture agreement for long-term partnership and cooperation in the UAE's “peaceful nuclear energy program”, according to a statement.
KEPCO and ENEC signed the deal to co-invest in the company managing and operating the UAE’s Barakah nuclear power plant for the next six decades.
South Korea’s electric utility agreed to invest $900 million in a company operating the first nuclear power plant in the UAE, according to South Korea’s energy ministry.
KEPCO expects the deal to boost its revenue by nearly $50 billion over the next 60 years.
Construction of the Barakah plant in Abu Dhabi started in 2012 and overall construction of units 1 to 4 is now more than 71% complete.
