Hitachi will be taking over the UK's Horizon nuclear project in order to build nuclear power stations, according to the U.K.'s Department of Energy and Climate Change (DECC).
The DECC said on Tuesday that the takeover will result in four to six new nuclear power plants being built, Reuters reports. Once completed, the power plants could provide electricity to up to 14 million homes over 60 years.
British Prime Minister said that the deal reflected a "decades-long, multi-billion pound vote of confidence in the U.K., that will contribute vital new infrastructure to power our economy," and it is hoped that Hitachi's involvement will kick-start the project and get at least one 1,300MW plant operational by the mid-2020s.
Two or three 1,300MW plants will be built at Horizon's sites in Wylfa, Anglesey, and Oldbury, Gloucestershire, according to the electronics maker.
Hitachi is purchasing Horizon from German utility firms E.ON and RWE for $1.12 billion.
Building is not due to start this year, but the purchase has been met with positive feedback. The BBC reports that Welsh political leaders feel the Anglesey plant will be a "huge boost" for the economy, jobs, and the U.K. energy sector as a whole. 5,000 to 6,000 jobs are expected to be created in the plant's construction.
Following Japan's Fukushima nuclear accident in 2011, the two German firms decided to sell the Horizon Nuclear Power joint venture, which was founded in 2009.