Investment hope for nuclear plant

A CANADIAN investor has emerged as the latest potential rescuer of a troubled nuclear power plant planned for Cumbria.

Brookfield Asset Management has been in talks with Japanese corporation Toshiba over buying the proposed Moorside site.

A subsidiary of Brookfield bought Toshiba’s bankrupt nuclear subsidiary Westinghouse, whose UK arm had designed the reactors for Moorside, earlier this year.

Moorside was supposed to be up and running by the mid-2020s to provide around 7pc of Britain’s electricity. However it ran into trouble after owner Toshiba suffered financial difficulties at the end of 2016, causing French backers Engie to pull out.

State-owned South Korean firm Kepco looked likely to buy Toshiba’s stake, but talks fell through and other potential buyers bought in.

Brookfield invests around £216bn in property, infrastructure and renewable power around the world. It has more than 1,400 megawatts of solar plants as well as hydro and wind plants.