Korean power monopoly KEPCO has been chosen as the preferred negotiating partner with Japan's Toshiba for a stake in the U.K.'s NuGen nuclear project in Moorside, northwest England.
Toshiba holds a 100-percent stake in the project involving the construction of three 3.8 GW nuclear reactors by 2025.
KEPCO was competing for the stake with a Chinese company. The deal comes even as the Moon Jae-in government has pledged to scale back reliance on nuclear energy at home.
KEPCO plans to use its own APR 1400 reactor design, the same that was used in a massive project Korea won in the UAE. It will only get paid when the reactor is completed through proceeds from electricity sales.
KEPCO plans to put together a consortium and expects to sign the final deal next year.
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