The agreement sees Toshiba acquiring a 60-percent stake and GDF SUEZ retaining a 40-percent holding in NuGen, the UK-based nuclear energy company that plans to build three Westinghouse AP1000 reactors in West Cumbria.
Each reactor will take approximately four years to build. When fully operational, the Moorside site is expected to deliver around seven percent of the UK's future electricity requirements.
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A deal has also been concluded with the Nuclear Decommissioning Authority (NDA) on the extension of a land option agreement for the Moorside site.
The Moorside plant is targeted to come online in 2024. When fully operational, it will have a combined capacity of 3.4GW, enough to deliver power to six million homes. The project supports the Government's low-carbon and energy security objectives at a time when existing power plants are retiring and low-carbon generation is required to meet national and international commitments. The Westinghouse AP1000 reactor — a pressurised water reactor — is licensed by the U.S. Nuclear Regulatory Commission. Currently, eight AP1000 reactors are under construction globally.
Before the final investment decision which is forecast to be taken by the end of 2018, NuGen will be undertaking a broad range of preparatory works, including regulatory, permitting and commercial activities. The management team's focus in 2014 will be on site investigations, preliminary studies for site layouts and stakeholder engagement and preparation for stakeholder consultations.
(CD/MH)
