Toshiba Corp has agreed to pay $2.168 billion to walk away from two unfinished nuclear reactors in South Carolina being built by its Westinghouse subsidiary, according to a statement by the owners of project. SCANA Corp and its partner, state-owned utility Santee Cooper, said Toshiba will make the payments in installments beginning in October and ending in September 2022. Toshiba’s Westinghouse Electric Co filed for bankruptcy in March, overwhelmed by the cost overruns at the VC Summer plant in South Carolina and a similar unfinished nuclear project known as Vogtle in Georgia. The projects are years behind schedule. The agreement allows Toshiba and its Westinghouse unit to exit the nuclear construction business and caps Toshiba’s liability for guaranteeing that Westinghouse complete the VC Summer contract.
Reuters 27th July 2017 read more »