The state-run Korea Hydro and Nuclear Power Company(KHNP) has won a project to build two nuclear reactors in the Czech Republic, the first overseas nuclear power plant project in 16 years.

According to Reuters, the Czech government held a Cabinet meeting on Wednesday to approve the budget for the project and plans to sign a main contract with the KHNP on May 7.

The KHNP and Elektrárna Dukovany(EDU) II, a subsidiary of the Czech Republic’s state-owned power group CEZ, are expected to sign the contract in Prague. 

Under the contract estimated to be worth 26 trillion won, KHNP will build two reactors at the Dukovany nuclear power plant. 

It marks South Korea's first overseas nuclear power plant contract since 2009, when the KHNP won the Barakah Nuclear Power Plant contract in the United Arab Emirates.