Japan's Toshiba and Engie of France have appointed Credit Suisse as financial advisor for their Moorside nuclear power plant in Britain, which they expect to start operating in 2024. Credit Suisse, which has previously advised France's EDF and the United Arab Emirates on nuclear power deals, will be tasked with finding financing for the project.
The plant is to house three AP1000 reactors developed by Toshiba division Westinghouse.
The developers via their NuGen joint venture are expected to take a final investment decision towards the end of 2018. They did not provide a cost estimate. A similar project being developed by France's EDF at Hinkley Point in south-western England is set to cost 18 billion pounds ($27 billion), one of the world's most expensive nuclear power plants.
Toshiba has already asked Japanese financial institutions to help fund the Moorside project. Its share of the costs is estimated at more than $2 billion, sources with direct knowledge of the matter told Reuters this month.
The British government is looking to replace ageing nuclear plants to safeguard its energy supply and lower the country's carbon emissions.
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