Hitachi has signed a concession agreement with the Lithuanian Energy Ministry for construction of the Visaginas nuclear power plant in Lithuania.
The deal will be officially concluded after the approval by the Lithuanian parliament which has been in session since last month.
Lithuania is intending to build a new nuclear power plant in Visaginas in the northeastern part of the country, with the aim of having an operational plant in 2021.
In 2008, the project company Visagino Atomine Elektrine (VAE) was established to further develop the project and conduct negotiations relating to investment into the Visaginas plant.
Hitachi and Hitachi-GE Nuclear Energy (Hitachi-GE) proposed to provide an Advanced Boiling Water Reactor to the Lithuanian government.
Following the approval of the concession agreement by the Lithuanian parliament, the concession for power plant construction will be granted to a project company to be established by investment from Hitachi, VAE and regional partners.
The project company will conduct negotiations regarding engineering, procurement, and construction and so forth.
The project company will aim to conclude contracts in late 2012.