MHI to buy Minority Share of Areva NP, Team with EDF on Nuclear Power

ATMEA nuclear reactor

Mitsubishi Heavy Industries and French utility EDF signed a memorandum of understanding to strengthen the nuclear power industries in both countries.

As part of the MOU, MHI will buy a minority equity interest in Areva NP. The exact value is unknown. The companies will also update a cooperation framework regarding the ATMEA joint venture, including EDF’s involvement in ATMEA’s business operations and include additional support of the ATMEA1 reactor from Turkey and Vietnam. The 1,150-MW ATMEA1 Generation III+ pressurized water reactor is jointly designed by Areva NP and MHI.

“With this MOU paving the way to a global and strategic agreement, EDF and MHI intend to strengthen their own long standing experiences and skills in building and operating safely nuclear generation plants,” said EDF Chairman and Chief Executive Offiver Jean-Bernard Levy. “I am fully confident that this opportunity will lay the foundations for a joint and successful promotion of new nuclear projects in the global market and will also benefit the entire nuclear energy industry in France and in Japan.”

Areva NP’s operations will be sold to EDF as the company restructures to try and recover from losses of $2.2 billion in 2015.

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