SK Innovation Sells Stake in TerraPower to KHNP, Forming SMR Alliance
SK Innovation has sold a portion of its stake in TerraPower to Korea Hydro & Nuclear Power (KHNP), marking KHNP's first investment in a global small modular reactor (SMR) developer. The companies plan to collaborate on SMR construction in the U.S. and internationally, with TerraPower's first commercial SMR plant in Wyoming expected to be completed by 2030. Meta is also involved, aiming to fund two reactors by 2032 and securing energy purchase rights for six additional reactors by 2035.
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SK Innovation sold part of its stake in TerraPower to Korea Hydro & Nuclear Power (KHNP), marking the first investment by a domestic energy public enterprise in a global SMR developer. SK Innovation and SK Inc. remain the second-largest shareholders.
KHNP completed CFIUS review for the acquisition in December. The three companies plan to sign contracts for SMR construction in the U.S. and internationally, following a prior agreement in April 2023. TerraPower is building the first commercial SMR plant in Wyoming, set for completion in 2030. Meta intends to fund two reactors by 2032 and has energy purchase rights for six more by 2035, expanding the collaboration's potential.
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