South Korea's Korea Electric Power Corporation (Kepco) has signed a joint venture agreement with the Emirates Nuclear Energy Corporation (ENEC), establishing a joint subsidiary, Barakah One, to represent the commercial and financial interests of the Barakah nuclear project.
Under the terms of the joint venture agreement, Kepco will have an 18% stake in Barakah One, with ENEC retaining the remaining 82%. The same shareholder structure will apply to Nawah Energy Company, ENEC's subsidairy created in May 2016 to carry out the operation and maintenance of the Barakah nuclear power project.
The Barakah nuclear power project will include four Korean-designed APR-1400 pressurized water reactors of 1,400 MW (1,345 MW net) each, for a total capacity of 5,600 MW. Works on the first reactor at Barakah are almost complete and the unit is on track to start operations in 2017. The four reactors should be operational in 2020. The nuclear units are expected to provide 25% of the electricity consumption of the United Arab Emirates and to save 12 MtCO2/year. The US$24.4bn project has reached financing close.
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