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.

 
 
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