The Japanese multinational has taken a 60 per cent stake in the project, after having agreed to buy up all of Iberdrola’s 50 per cent stake in NuGen, and an additional 10 per cent stake from GDF Suez.
GDF Suez remains involved in the new nuclear project and retains a 40 per cent stake.
Three AP1000 reactors will be built at the Moorside site. These reactors will provide seven per cent of the UKs future electricity requirement and be the largest nuclear output from any site in the UK.
Chief executive of the Nuclear Industry Association, Keith Parker said: “This project is expected to create up to 21,000 jobs – a huge opportunity for the highly experienced Cumbrian nuclear community, and for the UK supply chain as a whole. We look forward to working with NuGeneration to realise its ambition of bringing three AP1000 reactors on stream, with first electricity to the grid in 2024.”