Toshiba Corporation today 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 21st December 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.
After the closing, Toshiba will hold a 60% stake in NuGen, and GDF SUEZ will hold 40%, achieving a strong partnership with complementary skills and experiences.
Building on this major development, Toshiba and Westinghouse will seek further opportunities to build AP1000 reactors, the world’s most advanced and safest pressurised water reactor design, in Europe and other key geographies.
NuGen is a UK nuclear company owned by GDF SUEZ and Iberdrola. NuGen’s Moorside project focuses on the development of a new generation nuclear power station of up to 3.6 GW on land in West Cumbria, North West England.
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world’s pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world’s first pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world’s operating nuclear plants, including more than 50 percent of those in Europe. AP1000 is a trademark of Westinghouse Electric Company LLC. All rights reserved.
About GDF SUEZ
GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services. GDF SUEZ employs 138,200 people worldwide and achieved revenues of €82 billion in 2012.
Iberdrola is a private sector company with over 150 years of experience in energy generation and distribution, with its main markets in continental Europe, the UK, the US, Brasil and México . It has an established track record in reliable supply, quality of service and technological innovation. Following international expansion in recent years, it has become one of the five largest European energy utilities by market capitalization, with a workforce of around 30,600 employees and nearly 32 million customers worldwide. It is the world leader in operating wind energy capacity and figures consistently among the leading global sustainability rankings.