Troubled Toshiba to take ownership of Moorside nuclear company

Toshiba's HQ in Japan. Credit: NurPhoto/SIPA USA/PA Images

Troubled conglomerate Toshiba is being forced to take sole ownership of NuGen, the company behind the Moorside nuclear project in Cumbria.

The Japanese giant already has a 60 per cent stake in the company, with French firm Engie owning the remaining 40 per cent.

However, the filing for bankruptcy by Toshiba's US nuclear arm - Westinghouse - has allowed Engie to exercise its right to sell its stake in NuGen.

Toshiba has confirmed it has to buy this stake, and that costs accrued by this have already been factored in to its estimated loss of around £7 billion over the last financial year.

The Japanese conglomerate has already announced its intention to pull out of nuclear projects outside Japan.

A Toshiba spokesman told ITV Border the company is "exploring all alternatives" when it comes to the Moorside development, including selling all or part of its stake in NuGen, which will now be 100 per cent.

In a statement released to ITV Border, NuGen says it is working "tirelessly" to bring further investment to support the Moorside project.