Toshiba Agrees $340 Million U.K. Nuclear Site Land Deal

Toshiba Corp. and GDF Suez SA agreed terms with the U.K. to extend an option on land in a deal worth more than 200 million pounds ($340 million) that paves the way for three new reactors in northern England.

The accord with the U.K. Nuclear Decommissioning Authority is part of the companies’ plan to build a nuclear power station at Moorside, west Cumbria, the Department for Energy and Climate Change said in a statement on its website late yesterday.

The deal adds impetus to the development of new atomic plants in the U.K., where all but one of the current stations are due to close by 2023. The government in October struck a deal with Electricite de France SA to guarantee the prices it’ll get for power from a new nuclear facility it plans to build at Hinkley Point in southwest England over the next decade.

The Toshiba plant, scheduled to begin generating in 2024, “could provide as many as 14,000 jobs during the construction phase, and many thousands of jobs ongoing, as well as providing low-carbon, base load electricity for Britain,” Prime Minister David Cameron said in the statement.

Toshiba owns 60 percent of the companies’ venture and GDF the rest. They plan to build three reactors at the Cumbria site totaling 3.4 gigawatts of capacity, enough for 6 million homes.

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