Nuclear Innovation North America LLC (NINA), the nuclear development company jointly owned by NRG Energy Inc. and Toshiba Corp., has awarded the engineering, procurement and construction (EPC) contract for the 2,700 MW South Texas Project Units 3 & 4 to a restructured EPC consortium formed by Toshiba America Nuclear Energy Corp. and The Shaw Group Inc.
Shaw also is providing a $100 million credit facility to NINA to assist in financing the South Texas Project. The credit facility will convert to equity in NINA upon the satisfaction of certain conditions including the project receiving full notice to proceed, which is expected in mid-2012.
NINA is currently developing the South Texas Project nuclear power expansion through the South Texas Project Nuclear Operating Co. The project remains on track for permitting in 2012 and for the first unit to come online in 2016 and the second in 2017.
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