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South Korea will lend $10 billion to beat AREVA in selling nukes

Beating GE, Areva. Korea Electric, the country’s biggest electricity provider, beat General Electric Co. and Areva SA of France for rights to build the U.A.E.’s first nuclear reactors.

South Korea Plans to Lend $10 Billion for U.A.E. Nuclear Plants – Bloomberg, By Ayesha Daya – // Oct 6, 2010 South Korea expects to lend about $10 billion for the United Arab Emirates’ first nuclear plants, more than doubling pledges it has already made this year to finance construction projects in the Middle East.The Export-Import Bank of Korea expects to lend most of the money that Korea Electric Power Corp. and contractors will need to borrow to build four 1,400-megawatt atomic power stations in the U.A.E., said the bank’s chief representative in Dubai……“The U.A.E. nuclear project will be the bank’s first for such a huge amount,” Heung-Sik Min said in a Sept. 30 interview. “Once they have chosen the financial advisers, they can outline the financing.” Korea Electric has so far selected one adviser, Credit Suisse Group AG…..

Beating GE, Areva

Korea Electric, the country’s biggest electricity provider, beat General Electric Co. and Areva SA of France for rights to build the U.A.E.’s first nuclear reactors. The plants, scheduled for construction in the emirate of Abu Dhabi between 2017 and 2020, are budgeted to cost $18.6 billion…..

The U.A.E. deal is Korea Electric’s first international nuclear project. The company has sub-contracted the work to Hyundai Engineering & Construction Co., Samsung C&T Corp., and Doosan Heavy Industries & Construction Co.

Areva Chief Executive Anne Lauvergeon said in January that her company lost the nuclear bid because Abu Dhabi chose a cheaper solution with reduced safety standards.

South Korea Plans to Lend $10 Billion for U.A.E. Nuclear Plants – Bloomberg

October 7, 2010 - Posted by Christina Macpherson | politics international, South Korea | antinuclear, AREVA, nuclear costs, nuclear spin, nuclear technology, reactors