Engie has announced it will exercise its right to sell its 40% share in the NuGen joint venture to Toshiba, the majority partner with a 60% stake. This move is a reaction to the bankruptcy of Westinghouse (belonging to Toshiba). As a result, Toshiba will have to pay Yen15.3bn (US$138.5m) for the stake and is now the sole owner of NuGen.
NuGen is in charge of developing three Westinghouse AP1000 nuclear reactors of 1,200 MW each in Moorside, in West Cumbria (United Kingdom). NuGen signed a land contract with the NDA for Moorside in 2014. The final investment decision is expected by end-2018 for a planned commissioning in 2025-2027.
In April 2017, the United Kingdom Office for Nuclear Regulation (ONR) has endorsed the design of Westinghouse Electric's AP 1000 reactors and the UK Environment Agency (EA) has granted a Statement of Design Acceptability (SoDA), which concretely means that Westinghouse's reactors have met the required expectations regarding safety, security and environmental protection standards.
However, Westinghouse is now bankrupt and the withdrawal of Engie deepens doubt over the project. Toshiba will need more investors and partners to join the US$15bn - US$20bn project or could be forced to sell it out.
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