Energy minister Michael Fallon has hailed a deal that will see electronics giant Toshiba invest in the company planning a new nuclear power station in West Cumbria.
Toshiba this morning announced that it was acquiring a 60% share in energy firm NuGeneration, with GDF Suez retaining the other 40%.
NuGeneration plans to builds three nuclear reactors at the Moorside plant in the North West, with the first to be operational within a decade.
Fallon said: “The Moorside new nuclear project will bring at least £10bn of investment and is expected to create up to 21,000 jobs, while also providing a reliable source of low carbon energy for over 6M homes.
“This announcement is a significant step towards new reactors likely to come online in 2024 and shows how attractive the UK is for investors”.
Toshiba president Hisao Tanaka said: “We welcome the closing of the contract, which reconfirms Toshiba’s, GDF SUEZ’s and Westinghouse’s commitment to build three AP1000 reactors at Moorside.
“We are confident this project will support the UK in meeting the challenges of securing a stable, affordable future energy supply and cutting CO2 emissions.”