The opportunities include investment and financing, as well as training and the exchange of technical expertise
Emirates Nuclear Energy Corporation subsidiary Barakah One Company (BOC) has signed a memorandum of understanding with South Korea’s Electric Power Corporation (KEPCO) that will explore opportunities for the two entities to develop the ‘Barakah’ model, which aims to seek opportunities in new nuclear energy markets.
The opportunities could include areas including investment and financing, licensing and safeguards and operations and maintenance, as well as training and exchange of scientific and technical expertise.
It could also include nuclear fuel cycle management, localisation and the development of nuclear energy infrastructure.
“The MoU will look at opportunities to utilise the expertise and experience resulting from our long-standing relationship with KEPCO,” said BOC CEO Nasser Al Nasseri.
“We will collaborate to identify potential prospects to support the establishment of nuclear energy projects in other countries that will benefit from the unique knowledge and skills developed at Barakah through the development of the UAE Peaceful Nuclear Energy Program.”
Al Nasseri added that “the MoU will enable our teams to explore all aspects of nuclear energy programs including the establishment of infrastructure, development of human capital, creation of financing pland and supply chains.”
The MoU expands on a previously agreed ‘charter for joint business cooperation’ between BOC and KEPCO, which enhances cooperation through the nuclear business cycle, from including planning, construction and operations.
ENEC and its subsidiaries, BOC and Nawah Energy Company, are currently making progress with the construction of the Barakah plant. Unit 1 is currently undergoing commissioning and testing ahead of a regulatory review.
All four units – for which construction stands at 93 percent complete – will help provide the UAE with power and prevent the release of 21 million tonnes of carbon emissions each year.