KHNP eyes Canada's nuclear energy project with ARC, NB Power

Korea Hydro and Nuclear Power Co. (KHNP) said on Wednesday it has signed a non-binding agreement with ARC Clean Technology Canada Inc. and New Brunswick Power Corp. (NB Power) to collaborate in nuclear reactor projects in Canada and other markets.

To achieve Canada's net-zero goal by 2035, the three firms will explore opportunities to jointly design, construct, manage, commission and operate ARC’s small modular reactors (SMRs) in the country. They will also seek similar projects in the US, South Korea and other countries where KHNP runs businesses.

Since 2018, ARC and NB Power have jointly worked on the development of ARC-100, an advanced SMR that will generate at least 100 megawatts of electricity. In June of this year, the two firms submitted a license to prepare a site application.

The Canadian companies are aiming for the commissioning of an ARC-100 unit at the NB Power’s Point Lepreau Nuclear Generating Station by the end of 2030. The unit is expected to be the first deployment of an on-grid advanced SMR facility in Canada.

The MOU will give KHNP significant momentum to enter the Generation IV SMR market, said the state-run energy firm’s Chief Executive Whang Joo-ho.  

“While our tripartite collaboration is in its early stages, I am confident that, leveraging our extensive know-how gained through 40 years of development and operation of nuclear reactors both at home and abroad, we can advance strengthened by a solid partnership with NB Power and ARC,” he added.

Write to Han-Shin Park at phs@hankyung.com

Jihyun Kim edited this article.