NINA, the nuclear development company jointly owned by NRG Energy and Toshiba, is currently developing the 2,700MW South Texas Project nuclear power expansion through the South Texas Project Nuclear Operating Company.
The project remains on track for permitting in 2012 and for the first unit to come online in 2016 and the second in 2017.
Shaw is providing a $100m credit facility to NINA to assist in financing the South Texas Project.
The credit facility will convert to equity in NINA upon the satisfaction of certain conditions including the project receiving full notice to proceed, which is expected in mid-2012.
Shaw’s chairman, president and CEO JM Bernhard Jr said that the South Texas Project will be the first project in the US to use Toshiba’s Advanced Boiling Water Reactor technology, a nuclear power plant technology.
