CGN bids for stake in NuGeneration UK plant

Source:Reuters Published: 2017/9/19 22:08:39

China General Nuclear Power Corp (CGN) is bidding to make an equity investment in a planned British nuclear plant, the future of which was thrown into doubt earlier this year amid mounting financial woes at its developer Toshiba Corp.

Chinese interest comes as the UK is looking to replace aging coal and nuclear plants set to shut in the 2020s but struggling to do so given the costs involved. If CGN's investment goes through, it will give China's largest nuclear power operator stakes in four British nuclear plants.

"We are willing to utilize our experience in nuclear design, construction and operation for more than 30 years to support the development of Britain's nuclear industry," CGN said in a statement to Reuters on Tuesday.

It did not elaborate on its proposed investment in NuGeneration (NuGen), which plans to build three nuclear reactors at the Moorside site on the coast of Cumbria, northwest England, in a project valued at $15 billion to $20 billion.

NuGen plans to build the reactors using technology from Toshiba's bankrupt US-based nuclear arm Westinghouse. The technology is currently being assessed by Britain's nuclear regulator.

NuGen was set up as a 60-40 joint venture between Toshiba and Engie. Earlier this year, the French utility sold its stake to Toshiba after Westinghouse filed for bankruptcy.

Posted in: COMPANIES

blog comments powered by Disqus