Seeking to increase foreign sales, Toshiba will buy a controlling stake in a company planning a new nuclear plant in the UK.
Nikkei reported last week that Toshiba will purchase half of NuGeneration for roughly $200 million. That company was founded as a joint venture by GDF Suez and Iberdrola. Interest from Asian companies in the British nuclear program has ramped up in recent years. Toshiba rival Hitachi purchased Horizon Nuclear Power last year from RWE and EON, which were planning reactors at Wylfa, Oldbury and Anglesey.
NuGeneration in 2009 secured a purchase option from the UK's Nuclear Decommissioning Authority to buy land near Sellafield for 3,600 megawatts of new nuclear generation. The government deemed the site suitable for new reactors in 2011, according to the company's website, and NuGeneration has been developing detailed site plans in anticipation of an investment decision in 2015.