Hitachi completes acquisition of UK's Horizon nuclear project

LONDON Mon Nov 26, 2012 1:54pm IST

A logo of Hitachi Ltd. is seen at a news conference in Tokyo October 30, 2012. REUTERS/Toru Hanai

A logo of Hitachi Ltd. is seen at a news conference in Tokyo October 30, 2012.

Credit: Reuters/Toru Hanai

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LONDON (Reuters) - Hitachi (6501.T) has completed the acquisition of Britain's Horizon nuclear project from German utilities RWE (RWEG.DE) and E.ON (EONGn.DE), the Japanese energy and engineering company said on Monday.

Hitachi now owns two sites at Wylfa, Anglesey, and Oldbury, and says it plans to build two to three 1,300 megawatt (MW) nuclear power plants at each.

"Hitachi will now begin discussions with UK regulators to obtain approval to use Advanced Boiling Water Reactor (ABWR) technology under the UK's Generic Design Assessment process," Hitachi said.

The Japanese company, which announced that it would buy Horizon in late October, said it hopes to have the first reactor operational by the mid-2020s.

The British government hopes that Horizon will eventually include up to six nuclear power plants, which would be able to provide 14 million homes with electricity for 60 years.

Hitachi paid RWE and E.ON a combined 696 million pounds ($1.11 billion) for the Horizon project and has said that it is in discussions to find another company to operate the plants after they are built.

Britain's power generation infrastructure is ageing and in need of modernization to meet future demand and carbon reduction targets. ($1 = 0.6246 British pounds)

(Reporting by Henning Gloystein; editing by Jason Neely)

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