Toshiba to ‘buy stake in UK nuclear’

Engineering giant Toshiba’s US nuclear business Westinghouse is rumoured to be on the verge of buying a 50% stake in Britain’s NuGen. NuGen is a joint venture between Spanish utility […]

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By Priyanka Shrestha

Engineering giant Toshiba’s US nuclear business Westinghouse is rumoured to be on the verge of buying a 50% stake in Britain’s NuGen.

NuGen is a joint venture between Spanish utility Iberdrola and French firm GDF Suez. The firms plan to build up to 3.6GW of new nuclear at the Sellafield nuclear site on the northwest coast of England.

Reports claim the Japanese-owned group is to buy the stake from Iberdrola, which plans to leave the venture, for more than £100 million while GDF Suez is to hold on to its 50% share.

The news comes two months after the UK Government confirmed a deal with French state-owned group EDF Energy to build the £16 billion Hinkley Point C nuclear plant in Somerset. Chinese state-owned project CGN is expected to buy a stake in that project.