Toshiba to take 60% share in NuGen Moorside Project in the UK

Toshiba announced that it has reached agreements with GDF SUEZ of France and Iberdrola of Spain to take a 60% stake in NuGeneration Limited, the UK-based nuclear energy company which plans to develop nuclear power plants at the Moorside site in West Cumbria, Northwest England. 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, a leading European nuclear operator. Under an agreement with Iberdrola dated December 21, 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. Building on this major development, Toshiba and Westinghouse will seek further opportunities to build AP1000 reactors in Europe and other key geographies.