[THE INVESTOR] South Korea‘s sole utility provider has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald on Dec. 6.
The Korean utility provider has been moving to acquire the 100 percent stake in the NuGen consortium that is developing the Moorside project, which was previously led by Toshiba.
If the deal is secured, Korea’s largest utility provider will lead the nuclear power plant project worth some $18 billion.
Toshiba and the UK government have been reviewing options of investors and Kepco has been touted as the most likely candidate.
Earlier in the year, Kepco had confirmed that the company was in negotiations with Toshiba about buying some shares in its NuGen subsidiary. China General Nuclear Power had also expressed interest in bidding for the deal.
Toshiba has been searching for new investors since a French joint venture partner pulled out of the project saying it could no longer finance the project citing extensive losses at its Westinghouse US nuclear business.
Kepco’s move, however, had briefly seen to hit a snag upon the Moon Jae-in administration and its nuclear-free initiative.
The Seoul government, since, has affirmed its intention to fully support exports of South Korean businesses and technologies related to nuclear energy.
In November, the Ministry of Trade, Industry and Energy signed a memorandum of understanding with its UK counterpart as part of a move to support Korean firms in the civilian nuclear energy sector.
By Shim Woo-hyun/The Korea Herald (firstname.lastname@example.org)