Joint Venture

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In October2016, the Emirates Nuclear Energy Company (ENEC) and the Korea Electric Power Corporation (KEPCO) signed a Joint Venture (JV) agreement for a long-term partnership and cooperation for the UAE Peaceful Nuclear Energy Program.

KEPCO, the Prime Contractor for the Barakah Nuclear Energy Plant in the Al Dhafra of Abu Dhabi, has been working with ENEC since 2009 to deliver the Barakah Nuclear Energy Plant. With the signing of the JV, ENEC and KEPCO established a new, long-term partnership to jointly capitalize on KEPCO’s over 40 years of nuclear experience for the benefit of the UAE and the Barakah plant.

With the signing of the JV, ENEC and KEPCO established ENEC Commercial (legally called Barakah One Company PJSC), an independent subsidiary owned by both companies, which represents the commercial and financial interests of the Barakah Plant. Under the JV, KEPCO takes an 18 percent stake in ENEC Commercial, with ENEC as the majority owner of the remaining 82 percent. The JV agreement also entitles KEPCO to an 18 percent stake in ENEC’s subsidiary ENEC Operations (legally called Nawah Energy Company), with ENEC remaining as the majority owner of the remaining 82 percent of the company. ENEC Operations was established in June 2016 and is the entity mandated to operate and maintain Barakah Units 1 to 4.

The JV agreement is an unprecedented international partnership in the field of nuclear energy and is designed to further enhance joint capacity to develop and operate a peaceful nuclear energy program in adherence to the highest standards of safety, quality, security and operational transparency. With the signature of the JV, ENEC and KEPCO established a nuclear corporation designed to reach new levels of performance. With KEPCO as a strategic partner, the UAE Peaceful Nuclear Energy Program has the right structure to ensure the long-term sustainability of the Barakah Plant well into the future.