Westinghouse buying into UK nuclear

Britain’s nuclear sector is set to continue progressive momentum with the news that Westinghouse plans to acquire a 50 per cent stake in NuGen in Cumbria.

The Japanese-owned engineering group is buying the stake from the departing Iberdrola. GDF Suez holds the remaining half of the venture, one of the UK‘s three nuclear building consortiums.
People close to the negotiations told the Financial Times the price tag will be more than $163m (à‚£100m).

The deal would mean that all three UK projects have Asian investors as the country looks to nuclear as a means of bridging a shortfall in capacity as a result of old plant closures in the coming decade.

The UK has plans to build at least 12 nuclear reactors by 2030, and has earmarked five sites for development.

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