The UK Treasury has agreed to finance a new nuclear power station at Moorside in Cumbria, which is set to be built by NuGeneration, a consortium of Toshiba and GDF SUEZ.
The support comes through from the UK Guarantee scheme, introduced in 2012 to accelerate the development of major infrastructure projects.
The new power station will have three Westinghouse AP1000 reactors, giving it the total capacity of 3.4GW. This will be the UK’s largest nuclear power station and also one of several planned to replace plants that are reaching the end of their life-span.
NuGen expects to complete the first reactor in 2024.