Toshiba has increased its stake in British nuclear construction consortium NuGeneration as part of a set of deals announced Monday that advance the largest new nuclear project proposed in Europe.
In a release, NuGen reaffirmed its intention to build three new reactors near the UK's Sellafield site using the AP1000 design developed by Toshiba-owned Westinghouse. The Japanese company, which purchased its initial share of the project from Iberdrola last year, upped its ownership of the consortium from 50 percent to 60 percent, with GDF Suez holding the minority stake. It will also shake up NuGen's management team and announced the appointment of Westinghouse executive Sandy Rupprecht as its CEO.
NuGen also announced it extended a land purchase option with the UK's Nuclear Decommissioning Authority for the Moorhead site. NuGen has indicated its parent companies will make a final investment decision on the project in the next four years. If they choose to proceed, plans call for the first unit to come online in 2024. When finished, the plant would generate 3.4 gigawatts and supply about 7 percent of the country's power.