Nuclear, Reactors

Toshiba close to owning British nuclear power joint venture

Toshiba Corp. is working to increase its stake in British nuclear power company NuGen by buying a 10 percent share from GDF Suez.

GDF Suez currently owns 50 percent of NuGen, and is selling the 10 percent stake for about 3 billion yen ($29 million), according to Reuters. Iberdrola SA agreed in December to sell its 50 percent stake in NuGen to Toshiba for 85 million pounds ($140.12 million). Iberdrola has been selling assets to reduce debt.

NuGen owns a site in Sellafield where it plans to build 3.6 GW of nuclear capacity. Toshiba is looking to gain control of NuGen so that it’s Westinghouse unit can supply the joint venture with three of Westinghouse’s AP1000 reactors for the Sellafield project.

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