TerraPower signs framework with HDEC to advance Natrium reactor deployment and financing talks

TerraPower leadership met in Seoul with South Korean Prime Minister Han Seong-sook and officials from the Export-Import Bank of Korea, along with representatives of HD Hyundai, Hyundai Engineering & Construction (HDEC) and SK Innovation, to discuss collaboration on next-generation sodium reactor projects.

The meeting followed a trilateral memorandum of understanding signed in May among HD Hyundai, TerraPower and HDEC, with a framework for cooperation spanning design, manufacturing, supply chain, construction, commercial structure and delivery of multiple units of TerraPower’s Natrium technology.

TerraPower also announced a framework agreement with HDEC intended to support the commercial deployment of Natrium reactors. Under the agreement, TerraPower selected HDEC as its engineering, procurement and construction (EPC) contractor to build up to eight of its future Natrium reactors. The arrangement includes completion, price and performance guarantees, which TerraPower said are intended to facilitate conventional commercial financing of the Natrium reactor fleet.

TerraPower said the collaboration is designed to accelerate commercial deployment by streamlining costs, improving design and construction efficiencies, and strengthening global supply chains for a fleet of Natrium plants across the USA and select international markets.

Alongside the HDEC framework agreement, TerraPower and SK Innovation also announced a term sheet agreement focused on developing Korea’s first commercial Natrium plant and expanding internationally. The companies plan to explore cooperation on engineering and digital innovation solutions, including digital twin technology and artificial intelligence, to optimise operations and maintenance.

SK Innovation said the collaboration would expand its participation in TerraPower’s SMR demonstration reactor and subsequent commercial projects being built in the USA, with the goal of strengthening the domestic SMR supply chain and developing domestic “sodium SMR” businesses.

The talks also addressed financial “completeness” for nuclear power projects. The Export-Import Bank of Korea said it plans to support global nuclear power projects pursued by TerraPower and Korean companies by proactively designing customised financial packages such as loans and guarantees, including potential joint financial support structures during SMR mass deployment phases.

Selected HDEC as EPC contractor under a framework agreement for up to eight future Natrium reactors, with completion, price and performance guarantees
Plans to apply digital twin and artificial intelligence collaboration to optimise operations and maintenance
Export-Import Bank of Korea to design customised financial packages, including loans and guarantees, to support nuclear project financing completeness

Natrium deployment context

TerraPower described its Natrium technology as using a 345 MWe sodium-cooled fast reactor coupled with a molten salt-based energy storage system that can boost output to 500 MWe when needed.

TerraPower said it began non-nuclear construction for its first Natrium plant in Kemmerer, Wyoming, in June 2024, and expects construction to be complete in 2030. The first Natrium project is being developed through the US Department of Energy’s Advanced Reactor Demonstration Program.

TerraPower also said the Natrium reactor is a TerraPower and GE Vernova Hitachi Nuclear Energy technology. It added that, beyond the first plant under construction, it has an agreement with Meta (Facebook and Instagram owner) for up to eight Natrium plants by 2035.

Kalpataru Projects International books ₹3,526 crore in new domestic orders as FY27 intake tops ₹11,000 crore

Engineering and construction major Kalpataru Projects International (KPIL) said it secured fresh orders worth ₹3,526 crore in the domestic market. The company said the awards have lifted its year-to-date order intake for the current financial year (FY27) past the ₹11,000 crore threshold.

KPIL described the latest contracts as spanning three domestic verticals: an engineering, procurement and construction (EPC) contract for an industrial plant; orders in the power transmission and distribution (T&D) segment; and residential building projects.

In its statement, KPIL said the wins include a significant order in the domestic T&D market and additional EPC and repeat residential orders. Earlier disclosures cited additional order wins earlier in the year, including figures around ₹2,957 crore and ₹2,002 crore across power T&D, buildings and factories, and other segments.

BNC Power Projects wins Rs 7.23 billion STATCOM package for Maharashtra grid

Contracts and scope

BNC Power Projects Limited has secured two turnkey engineering, procurement and construction contracts for static synchronous compensator (STATCOM) systems in Maharashtra through a consortium with Siemens Energy India Limited. The combined contract value is approximately Rs 7.23 billion, awarded by Maharashtra State Electricity Transmission Company Limited (MSETCL).

The awards cover installation of STATCOM equipment alongside associated 400 kV switchgear bays at specific substations. The first contract is valued at approximately Rs 3.94 billion and includes a ±300 MVAr STATCOM plus a 400 kV air-insulated switchgear bay for the 400 kV Lonikand-II substation in Pune.

A second contract is valued at approximately Rs 3.29 billion and includes a ±200 MVAr STATCOM plus a 400 kV outdoor gas-insulated switchgear bay for the 400 kV Dhule substation in the Nashik zone.

Why it matters to electrical balance-of-plant supply chains

While the work described is for transmission grid support rather than nuclear plant construction, it reflects demand for high-voltage power-system components and turnkey delivery of reactive power support equipment.

For supply-chain professionals focused on electrical balance-of-plant categories, these contracts touch on procurement and integration elements typically associated with large grid modernization projects, including STATCOM systems and 400 kV switchgear arrangements.