French state utility EDF has made a binding agreement to purchase Areva’s nuclear reactor assets, in a deal worthAreva and EDF signs $2.7bn.

Areva’s financial position has been strained through its involvement in the Olkiluoto nuclear power project in Finland.

The deal allows Areva to raise a further EUR5bn in new capital largely from the French state.

The contracts for the EPR Olkiluoto 3 project and the resources required to complete that troubled project, as well as certain contracts relating to components forged in Le Creusot plant, will stay within Areva NP, namely in Areva’s scope.

“This signature marks an important stage in the refocusing of AREVA on fuel cycle activities, our core business. The conclusion of these agreements strengthen our resolve to continue to implement our action plan,” said Areva chief executive Philippe Knoche in a statement.

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