EDF, AREVA Group to investment in New NP

10 August 2017

Mitsubishi Heavy Industries, Ltd. (MHI) has taken a formal decision to invest in New NP, a new company to be launched as an affiliate of Electricité de France (EDF), a leading French utility, in conjunction with reorganization of France's AREVA Group, all-round specialists in nuclear energy. Agreements on the investment have been concluded with both EDF and the AREVA Group.

MHI will acquire a 19.5% equity stake in New NP. The move will expand ties between MHI and EDF.

Cooperation between MHI and the AREVA Group began in the 1990s through collaboration in the fuel cycle business. In 2006, the two parties concluded an agreement of more broad-based cooperation in the nuclear energy field, after which the joint venture (JV) ATMEA was established through a fifty-fifty investment with the partner currently known as AREVA NP. Through integration of the two companies' technologies, the JV proceeded to develop the "ATMEA1," a pressurized water reactor (PWR) in the 1200 megawatt (MW) class. Marketing of the ATMEA1 is currently underway in Turkey and other countries worldwide, especially emerging economies, where new NPP construction plans are going forward.

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