KB News Desk
Samsung C&T, Hyundai E&C, Doosan Enerbility explore possibility of joining hands through consortium
SK Group is considering a strategic investment in US nuclear power giant Westinghouse Electric through a consortium with other Korean companies, according to reports Wednesday.
Samsung C&T, Hyundai Engineering & Construction, and Doosan Enerbility are among the Korean companies reportedly considering joining a consortium being led by SK.
The potential investment comes after Seoul and Washington agreed that up to $120 billion of Korea’s $200 billion investment fund would be used to build eight large-scale nuclear reactors in the US. The agreement also includes a plan for a Korean private-sector consortium to acquire a 5-10 percent stake in Westinghouse.
If Westinghouse goes public, Korean investors would have the right to purchase the stake at a 10 percent discount to its initial public offering price, according to the agreement.
Industry watchers estimate the Westinghouse IPO valuation to be as high as $30 billion. If Korean companies jointly acquire a 5-10 percent stake, the consortium could need to invest billions of dollars.
A Westinghouse investment would mark an expansion of SK’s nuclear strategy beyond small modular reactors. SK Innovation and SK Inc. previously invested $250 million in US SMR developer TerraPower in 2022, making SK the company’s second-largest shareholder.
TerraPower focuses on developing and commercializing next-generation reactor technology. Westinghouse has a broader presence across the conventional nuclear power industry, including large-scale reactor design, nuclear fuel and maintenance.
SK Group Chairman Chey Tae-won has repeatedly stressed the importance of securing stable power supplies and energy infrastructure to support the growth of artificial intelligence data centers and the semiconductor industry.
