Japanese conglomerate Hitachi announced Wednesday that it would end business operations for the construction of the Horizon nuclear power plant project in Wales, 20 months after its suspension.
According to the Japanese backer Hitachi, the decision came after "the investment environment has become increasingly severe due to the impact of COVID-19".
In January 2019, the company suspended the 3 trillion yen ($28 billion) project, saying the decision was made from the viewpoint of Hitachi's economic rationality as a private company.
"The Horizon Project is a proposal by Horizon Nuclear Power Limited, which Hitachi acquired in November 2012, to develop nuclear power stations comprising two units of UK ABWR at Wylfa Newydd in Anglesey, North-West Wales,” the company said.
According to the statement, the project intended “to develop Hitachi's nuclear business in the UK and contribute to the energy policy of the UK government, as well as maintaining the business foundation that supports the nuclear industry in Japan."
The company said it would coordinate with the British government and relevant organizations regarding its cooperation as the owner of the ABWR license and the handling of the planned construction sites and other matters.
"The decision is not expected to have a significant impact on Hitachi's business results as the company had posted an impairment loss and other expenses of 294.6 billion yen on consolidated financial results for fiscal 2018, the year ending March 31, 2019, due to the suspension of the project," the company said.
By Firdevs Yuksel