A new strategic framework agreement between the U.S. Government and the Republic of Korea, will support the deployment of Cranberry Township-based Westinghouse’s technology in the United States, officials said last week.
The framework will commit up to $120 billion of Korean investment to support the construction of new nuclear reactors in the U.S., officials said. The investment will help finance the construction of eight large nuclear reactors, including six Westinghouse AP1000 reactors and two Korean APR1400 reactors that incorporate Westinghouse technology. The reactors will be deployed on federal sites designated by the U.S. Government, officials said, using the capabilities and expertise of companies from both countries.
Officials said the agreement provides a pathway to support the Westinghouse reactors on three two-unit plants on U.S. federal sites, and two Korean reactors on U.S. federal sites, with Westinghouse benefiting from an upfront payment, as well as guaranteed scope of work on the reactors, and fuel-fabrication services.
“Today’s announcement marks a defining moment for the future of U.S. nuclear energy and for the longstanding partnership between the United States and the Republic of Korea,” Dan Sumner, President and Chief Executive Officer of Westinghouse, said. “The announcement also underscores the strategic importance of Westinghouse in the deployment of nuclear energy – we bring deep engineering expertise, a proven record of nuclear innovation and unmatched experience delivering advanced reactor technology in the U.S. and around the world.”
The framework agreement will also provide for a cornerstone equity investment of between 5 percent and 10 percent in Westinghouse by Korea, officials said.
The announcement is the latest step in the strategic partnership between the U.S. Department of Commerce, Westinghouse and its shareholders, to fund the deployment of at least $80 billion of Westinghouse nuclear reactors in the United States on federal sites.