Hitachi Scraps Plans For British Nuclear Plant© hindustantimes.com

Hitachi Scraps Plans For British Nuclear Plant

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LONDON: Work on a major new nuclear power station in Britain will stop after Japanese company Hitachi pulled out of the project.

Hitachi halted work on the Horizon Project, located in Wylfa, on the Welsh island of Anglesey. It will also end work on another site located in England after it had been unable to agree on financing with the U.K. government.

The company had been in talks with the British government for years about how it might support the project financially, including through stock and debt investments. It suspended operations last year when a deal couldnt be reached, and said the COVID-19 pandemic made financing difficult.