The Czech Republic selected on Wednesday Korea Hydro and Nuclear Power (KHNP) as the preferred negotiation partner for the construction of two new nuclear power plants in the European country, with the option for two additional units. The project, estimated at $17.4 billion (24 trillion won) for the initial two units, marks the largest investment in Czech history and KHNP’s first nuclear export to Europe.

KHNP will form a consortium with other South Korean firms to supply the APR1000 reactor design and all related construction services. The company aims to conclude a final contract by March 2025 following detailed negotiations.