EDF S.A. and Constellation Energy (CEG) said Wednesday the
companies have reached an agreement to restructure the companies'
partnership and establish the full ownership of UniStar Nuclear
Energy by EDF.
Under the terms of the agreement, EDF will acquire
Constellation's 50% ownership of UniStar for $140 million. Upon
completion of the transaction, EDF will be the sole owner of
UniStar.
In addition to sites for Calvert Cliffs 3 and a potential fourth
reactor at Calvert Cliffs, which are both held by UniStar,
Constellation will transfer to UniStar potential new nuclear sites
at Nine Mile Point and R. E. Ginna in New York State, the companies
said.
With the sale of its share of UniStar, Constellation will no
longer have responsibility for developing or financing a new
nuclear plant at Calvert Cliffs 3.
Further to the terms of the agreement, EDF will transfer to
Constellation 3.5 million of the shares that it owns in
Constellation and will relinquish its seat on the Constellation
board. The existing standstill agreement between the companies will
be terminated. Constellation will terminate its rights under the
existing put option and, as a result, won't sell any of its plants
to EDF.