Under the terms of the agreement, Toshiba will acquire a 60% stake while GDF SUEZ own the remaining stake in the UK-based nuclear energy company, NuGeneration (NuGen) which is planning to contract three Westinghouse AP1000 reactors in West Cumbria.
Toshiba president and CEO Hisao Tanaka said the closing of the contract reconfirms Toshiba’s, GDF SUEZ’ and Westinghouse’s commitment to build three AP1000 reactors at Moorside.
"We are confident this project will support the U.K. in meeting the challenges of securing a stable, affordable future energy supply and cutting CO2 emissions," Tanaka added.
The project, which is forecast to create between 14,000 and 21,000 jobs, will deliver around 7% of the UK’s future electricity requirements.
GDF SUEZ Chairman and CEO Gérard Mestrallet said, "We wish to mention and recognize the U.K.’s strong strategic vision and political consensus which have enabled the framework designed to ensure a secure, low-carbon electricity generation future – with nuclear energy as part of it, while remaining attractive to investors."
Scheduled to come online in 2024, the Moorside plant, when fully operational, is expected to have a combined capacity of 3.4GW, which is sufficient to deliver power to six million homes.
Westinghouse president and CEO Danny Roderick said local economy will reap many benefits due to the project, including calling upon the local supply chain, and creating thousands of skilled jobs.
"We commend the U.K. on its decision to move forward with safe, clean and affordable nuclear energy that will benefit the region for decades to come," Roderick added.
A deal with the Nuclear Decommissioning Authority (NDA) has also been concluded on the extension of a land option agreement for the Moorside site.
