HomeWorld RegionsEuropeUK close to deal on guarantee for Europe's largest nuclear project

UK close to deal on guarantee for Europe’s largest nuclear project

Britain’s Chancellor of the Exchequer George Osborne has announced that a preliminary deal has been made to provide a financial guarantee to help fund the development of Europe’s largest nuclear power project.

The 3.4 GW Moorside project could provide nearly 7 per cent of the UK‘s projected electricity needs and create up to 21,000 jobs, when built.
“The Guarantee Scheme is another way in which we can help companies to make the huge investment that building new nuclear power involves,” Osborne said in a statement.

The announcement will be welcomed by Moorside’s NuGen joint venture partners, Toshiba and GDF Suez.

The scheme, which was introduced in 2012, is set to help the developers to gain external project finance to cover the upfront costs of building a nuclear plant.

NuGen said it plans to make a final investment decision for the Moorside project in 2018.