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Toshiba Will Pay $3.68 Billion to Georgia Power

  • By Admin
  • June 15, 2017

Toshiba Corp will pay $3.68 billion to continue building two nuclear reactors at Plant Vogtle, enabling the completion of a plant project begun by the Japanese conglomerate’s now-bankrupt nuclear unit.

Toshiba said in a statement on Saturday it had reached an agreement with Georgia Power to begin payments from October through January 2021 to compete the project.

The move comes after Georgia Power took over the plant’s project management from Westinghouse Electric Corp, which filed for Chapter 11 bankruptcy in March.

Toshiba said it had already set aside loss reserves for the payment and it would not have an impact on its earnings projections.

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