Samsung C&T, Hyundai Engineering & Construction, Doosan Enerbility and GS Engineering & Construction are among seven to eight Korean firms considering joining the SK-led group, sources say.
SK is considering matching the combined contribution of those engineering, procurement and construction firms, which would make it the consortium’s largest investor, according to government and industry sources.
The private consortium would carry the bulk of a planned 5 to 10 percent Korean stake in the U.S. reactor builder.
The stake forms part of a nonbinding framework unveiled Oct. 1 that earmarks up to $120 billion of Seoul’s $200 billion U.S. investment package for eight large reactors.
Six would be Westinghouse AP1000s and two Korea’s APR1400s.
“We are considering acquiring a 10 percent stake with voting rights, but final consultations remain,” Industry Minister Kim Jung-kwan said at a recent press briefing.
He said debt-laden state utilities would take only a symbolic share, leaving private companies to lead.
Westinghouse, which confidentially filed for a U.S. initial public offering in July, is seeking a valuation of more than $50 billion, Bloomberg News reported Sept. 18, citing people familiar with the matter. Korean industry estimates put its value at $20 billion to $30 billion.
SK could funnel the investment through SK Inc., SK Innovation, SK hynix or AI Co., a U.S. investment arm SK hynix carved out of its Solidigm unit. SK hynix pledged $10 billion to the new entity in January.
The group’s holding company SK Inc. and SK Innovation jointly invested $250 million in 2022 in TerraPower, the small modular reactor developer chaired by Bill Gates, becoming its second-largest shareholder. Korea Hydro & Nuclear Power joined as an investor in January.
SK Innovation signed a preliminary agreement with TerraPower in August to expand its Natrium reactor business globally and adapt it for Korea.
SK has steadily scaled up its nuclear bets to keep pace with surging power demand from AI data centers. A Westinghouse deal would extend the group’s reach from small modular reactors into large-scale plants, officials say.
AJP Takeaways
- SK Group is reviewing a strategic stake in Westinghouse Electric through a South Korean consortium of seven to eight firms, including Samsung C&T, Hyundai E&C, Doosan Enerbility and GS E&C, industry sources said on Oct. 14, 2026.
- A U.S.-Korea framework unveiled on Oct. 1, 2026, sets aside up to $120 billion for eight U.S. reactors and calls for Korean investors to take a 5 to 10 percent stake in Westinghouse.
- SK Inc. and SK Innovation became TerraPower’s second-largest shareholder with a $250 million investment in 2022, and SK Innovation signed a preliminary SMR cooperation agreement with TerraPower in August 2026.
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