Japan’s Toshiba to buy 60% stake in UK nuclear venture

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Japan’s Toshiba has agreed to buy a controlling stake in UK nuclear venture NuGeneration, which aims to build three power plants in north-west England.NuGeneration is set to construct three new nuclear plants at the Moorside site in West Cumbria.Toshiba is to buy a 60% stake in the project, in a deal worth about £102m.Toshiba has been looking to develop its overseas nuclear business after the 2011 Fukushima disaster dampened demand in Japan for atomic power.Toshiba shares rose to a six-month high in Tokyo trade following the news.NuGeneration is currently owned by France’s GDF Suez and Spain’s Iberdrola.

via BBC News – Japan’s Toshiba to buy 60% stake in UK nuclear venture.

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