Toshiba acquires 60% of NuGeneration Ltd

Toshiba acquiring an additional 10% of NuGeneration

NuGeneration becomes a joint-venture between Toshiba (60%) and GDF Suez (40%)

In December 2013, Toshiba purchased 50% of NuGeneration Ltd from Iberdrola (of Spain) for UKL 85 million (US$ 146 million).

On June 30, 2014, Toshiba announced to purchase an additional 10% of NuGeneration Ltd from GDF Suez.

Thus, NuGeneration becomes a joint-venture between Toshiba (owning 60% of NuGeneration) and GDF Suez (owning 40% of NuGeneration).

NuGeneration Ltd (NuGen)

NuGeneration Ltd. (NuGen) owns an option to purchase the 190 hectare Moorside site, located to the north of Sellafield, from the UK Nuclear Decommissioning Agency.

NuGeneration plans to build a 3.4 GigaWatt nuclear power station using three AP1000 reactors built by Westinghouse. Westinghouse is owned by Toshiba (87%), by Kazakhstan based Uranium and nuclear fuel producer KazAtomProm (10%) and the Japanese engineering company IHI (3%).

When finished, NuGeneration’s Moorside nuclear power plant is expected to deliver about 7% of UK’s electricity.

Two factors drive Toshiba to acquire a majority holding of NuGeneration (NuGen):

  1. the great uncertainty of the future of nuclear power in Japan following the Fukushima nuclear accident
  2. Toshiba’s commitment to nuclear power – and dependence on nuclear power construction following the acquisition of the majority of Westinghouse

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