Saudi Arabia, S. Korea sign nuclear power deal

Saudi Arabia, South Korea sign nuclear power memorandum of understanding

Saudi Arabia and South Korea signed a deal to build nuclear power plants in the Kingdom.

The two governments signed a memorandum of understanding to conduct a three-year preliminary study on the feasibility of building the reactors in Saudi Arabia, according to South Korean companies would build two small- to medium-sized reactors for around $2 billion. The deal builds upon a similar agreement signed in 2011.

Korea Electric Power Corp. is currently building a four-unit, 1,400-MW nuclear plant in Abu Dhabi in the UAE. The first of the units is expected to come online in 2017, with all four operational by 2020. Saudi Arabia had planned to add 17 GW of nuclear power capacity by and 41 GW of solar by 2032 but recently pushed the deadline back to 2040.

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