URGENT: Hitachi abandons $28 bil. nuclear power plant project in Britain

Hitachi Ltd. said Wednesday it will exit a 3 trillion yen ($28 billion) project to build a nuclear power plant in Britain, more than a year after putting it on hold due to ballooning costs.In a severe blow to Japan’s efforts to boost infrastructure exports, the withdrawal comes after Hitachi sought additional financial support for any resumption of the plan the Japanese industrial conglomerate suspended in 2019.The project, involving Hitachi subsidiary Horizon Nuclear Power Ltd., was to construct two reactors on the island of Anglesey in northern Wales.

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HEDGE accordingly