A South Korean construction company is reportedly in talks to take a stake in a new nuclear power plant in northwest England.
Sources close to the project told the Financial Times that state-run Korea Electric Power Corporation (Kepco) is closing in on investing in the £10 billion (US$ 13 billion) Moorside Power Station project.
The NuGen consortium, comprising French utility firm Engie and Toshiba’s US-based nuclear power arm Westinghouse Electric Company, is set to build three AP1000 reactors at the plant.
The plant is expected to be operating by 2025, and will ultimately produce 3.8 GW of power, equating to 7% of Britain’s current electricity needs.
It is believed Kepco could be considering taking an equity stake in the Moorside project, from either or both of the NuGen partners; both are thought to be seeking to reduce their share in the capital-intensive enterprise.