Hitachi’s U.K. nuclear project to get guarantees from government via Reuters

TOKYO, May 9 (Reuters) – Hitachi Ltd’sHorizon Nuclear Power unit has received an assurance from the British government that it will guarantee loans for the construction of two reactors in Wales, the Mainichi newspaper reported on Wednesday.
The British government is seeking new ways to fund nuclear projects after criticism over a deal awarded to France’s EDF to build the first nuclear plant in Britain in 20 years, which could cost consumers 30 billion pounds ($41 billion).

Britain needs to replace ageing nuclear reactors and coal plants coming offline in the 2020s but high up-front costs have delayed the construction of new plants.

For Hitachi, Horizon would help further Japan’s ambitions to export its nuclear technology after the Fukushima nuclear disaster made the construction of new reactors difficult at home.

Hitachi’s Horizon plans to construct at least 5.4 gigawatts of new nuclear capacity at two sites in Britain – at Wylfa Newydd in Wales and at Oldbury-on-Severn in England.

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