ISTANBUL

The Czech government announced Wednesday that it will take an 80% stake in an $18 billion project to build two units at the Dukovany nuclear power plant.

"Today, the government approved the method of financing the construction of the new nuclear units at Dukovany and at the same time took over from (Czech state utility company) CEZ an 80% stake in (its subsidiary) Elektrarna Dukovany II (EDUII), which is the investor in the construction," Czech Prime Minister Petr Fiala announced on X.

Fiala noted that they would be able to sign a contract on May 7 with South Korea's KHNP, which will build the new units.

The currently favored plan to build the two reactors in Dukovany is projected to cost 400 billion crowns ($18 billion) at today’s prices, with the first unit expected to be completed by 2036, according to the CTK news agency.

"The state loan to EDUII will cover the construction costs from the signing of the contract until the new units are commissioned. The specific amount of the loan is subject to a confidentiality regime but is based on the current offer of around CZK200 billion/unit in 2024 prices," Czech Finance Minister Zbynek Stanjura affirmed on X.

He noted that the cost was lowered by constructing two units at once, and the state loan would be repaid over 30 years after licensing.

The loan is yet to be approved by the European Commission, according to CTK.