Hitachi purchases Horizon nuclear power project from E.ON and RWE

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Japanese multinational conglomerate Hitachi is set to provide the UK nuclear power market with a boost after it bought Horizon Nuclear Power.

It's signed a deal worth £700 million to purchase the company from energy suppliers E.ON - which is partaking in the Warm Home Discount Scheme - and RWE.

Horizon was planning to build nuclear reactors on the sites of existing nuclear power stations at Anglesey, Wylfa and Oldbury, South Gloucestershire.

With the purchase, Hitachi has the intentions of building up a nuclear capacity of six gigawatts; the first of these power stations could be up-and-running in the first half of the next decade.

Each of the nuclear reactors, proposed by Hitachi, are likely to operate with its boiling water technology - currently used in four Japanese reactors.

The deal has been welcomed by Prime Minister David Cameron.

He commented: "This is a decades-long, multi-billion pound vote of confidence in the UK, that will contribute vital new infrastructure to power our economy.

"It will support up to 12,000 jobs during the construction and thousands more permanent highly skilled roles once the new power plants are operational, as well as stimulating exciting new industrial investments in the UK's nuclear supply chain. I warmly welcome Hitachi as a major new player in the UK energy sector."

Energy and Climate Change secretary Ed Davey reacted similarly, stating: "Hitachi bring with them decades of expertise, and are responsible for building some of the most advanced nuclear reactors on time and on budget, so I welcome their commitment to helping build a low-carbon, secure-energy future for the UK."

Hitachi has stated that it expects the deal for Horizon to be concluded by the end of November (2012).

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