Formal Agreements Reached with French Utility (EDF) and the AREVA Group toward Investment in New NP of France
EDF is the world's largest provider of nuclear energy, currently operating a total of 73 NPPs in France and the UK. To date MHI has received orders for 15 replacement steam generators for EDF's plants, and today close, strong ties of cooperation continue to be forged between the two companies. In June 2016 a memorandum of understanding (MOU) was concluded toward MHI and EDF's cooperation in the nuclear energy field; it calls for EDF's marketing, technological and other support of ATMEA's business, plus broad-based cooperation in the global markets making use of the two companies' technological capabilities and specialized strengths.
MHI's investment into New NP was decided with intent to strengthen the ties between Japan and France in the nuclear power industry based on these close relationships of cooperation with the AREVA Group and EDF.
MHI will continue to coordinate with EDF and the AREVA Group toward the closing of the transaction. All procedures are slated to be completed at the end of the current calendar year.
In another move involving the AREVA Group, MHI is also scheduled to acquire a 5 percent equity stake in New AREVA Holding (formerly referred to as "NewCo"), a company conducting business primarily in fuel cycle. In this case also, all procedures will continue to go forward toward targeted completion at year end.