The troubled £10 billion Moorside nuclear plant project on the Cumbria coast has been thrown a potential lifeline.
South Korea’s state utility Korea Electric Power Corp (Kepco) said on Wednesday it has been picked as a preferred bidder for Toshiba’s NuGen nuclear project at Moorside, Reuters reported.
The Moorside project is expected to provide 7% of Britain’s electricity — but was thrown into doubt after Toshiba’s US unit Westinghouse declared bankruptcy and its partner in the project, France’s Engie, pulled out.
Kepco said it plans to negotiate with Toshiba to buy a stake in the nuclear project and sign a deal in the first half of next year.
The GDA approval process typically takes about four years.
“Toshiba has been engaged with multiple credible and capable parties who have expressed an interest in acquiring NuGen, further testimony of the attractiveness of the nuclear industry in the UK and an indication of the degree of foreign investment that is ready and willing to enter this market,” a NuGen spokesman said.
“NuGen and its shareholder Toshiba are exploring a range of options for funding the Moorside project, which includes Toshiba selling some or all its shareholding in NuGen.”