The agreement sees Toshiba acquire a 60% stake and GDF SUEZ retain a 40% holding in NuGeneration, which is developing the Moorside new nuclear power project – the largest, single proposed nuclear power plant construction project in Europe.

NuGen will build three reactors at the Moorside site near Sellafield usingToshiba company Westinghouse’s AP1000 reactors.

Work could start in 2018, with each taking four years to build.

When fully operational, the Moorside site is expected to deliver around 7% of the country’s future electricity requirements.

A deal has also been concluded with the Nuclear Decommissioning Authority on the extension of a land option agreement for the Moorside site.

The Moorside plant is targeted to come online in 2024.

Before the final investment decision four years from now, NuGen will carry out a broad range of preparatory works, including regulatory, permitting and commercial activities.

The management team’s focus this year is on site investigations, preliminary studies for site layouts and stakeholder engagement and preparation for stakeholder consultations.

Tractebel Engineering, a subsidiary of GDF SUEZ, will be NuGen’s engineers. This firm will deliver engineering services covering feasibility studies through construction, operation, maintenance and decommissioning.

Westinghouse intends to utilise its Springfields facility, a UK-licensed fuel manufacturing facility near Preston to manufacture the fuel for AP1000 reactors built in the UK, thereby securing indigenous fuel supply.

Hisao Tanaka, President and CEO, Toshiba Corporation, said: “We welcome the closing of the contract, which reconfirms Toshiba’s, GDF SUEZ’ and Westinghouse’s commitment to build three AP1000 reactors at Moorside.

“We are confident this project will support the U.K. in meeting the challenges of securing a stable, affordable future energy supply and cutting CO2 emissions.”

Westinghouse President and CEO Danny Roderick added: “Westinghouse is delighted that Europe’s largest AP1000 nuclear plant project to date will be constructed in the UK, which already is home to one of our largest global operations.”