Toshiba buys 60% stake in UK's NuGeneration
As the majority owner of NuGen, Toshiba, in collaboration with its group company, Westinghouse Electric Company, intends to move forward with the construction of three AP1000 nuclear reactors on the Moorside site, in partnership with GDF SUEZ.
Under an agreement with Iberdrola dated 21st December 2013, Toshiba will purchase all of Iberdrola’s indirect 50% holding in the project. Under a separate agreement reached in January 2014 with GDF SUEZ, Toshiba will purchase a further 10% holding in the project giving Toshiba a 60% stake in NuGen.
The provisional total purchase price of 102 million pounds sterling is subject to adjustment, as is customary in such major transactions, while final agreements are subject to obtaining the relevant authorisations and consents and other required processes. Toshiba aims to complete the overall transaction within the first half of calendar year 2014.
NuGen’s Moorside project focuses on the development of a new generation nuclear power station and represents a major investment in the future, and in supporting the UK to meet the challenges of securing a stable, affordable, future energy supply and cutting CO2 emissions. The three AP1000 units to be built on the site, developed by Westinghouse, will have a combined capacity of 3.4 gigawatts.
After the closing, Toshiba will hold a 60% stake in NuGen, and GDF SUEZ will hold 40%, achieving a strong partnership with complementary skills and experiences.
Building on this major development, Toshiba and Westinghouse will seek further opportunities to build AP1000 reactors, the world’s most advanced and safest pressurised water reactor design, in Europe and other key geographies. ■