Business / Finance

Japan's Chubu Electric to buy stake in NuScale Power from JBIC

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2023-09-07 09:22:27  • 2 mins

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TOKYO : Japan's Chubu Electric Power said on Thursday it will buy a stake in U.S. NuScale Power from the Japan Bank for International Cooperation (JBIC) as it bets on small modular nuclear reactors to help combat climate change.

The move comes after Japan made a major nuclear power policy shift last year to tackle its energy crisis more than a decade after the 2011 Fukushima disaster prompted it to idle most of its reactors.

"As an equity owner, we want to expand our revenue base through investing in NuScale," Hiroki Sato, Chubu's global business division CEO, told reporters.

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