Japan's Hitachi has announced plans to acquire Horizon Nuclear Power from its German owners E. ON and RWE npower in a deal valued at about $1.12 billion or £696 million.

The acquisition will significantly boost the company' presence in the UK's infrastructure segment as it will now have the right to build the next generation of power plants in the country. Horizon already has the rights to build reactors at Wylfa on Anglesey, North Wales, and Oldbury in Gloucestershire and Hitachi ahs confirmed that it will continue on Horizon's plans to build between two and three new nuclear plants at each site.

The plants are expected to start generating electricity by 2020 and power up to 14 million homes over 60 years. According o estimates, about 6,000 jobs are expected to be created at each site and additional 1,000 permanent jobs after the plant becomes operational.

The Japanese firm has also entered into supply chain deals with Rolls-Royce and Babcock International. It is also planning to establish a module assembly facility in the UK. It is believed that the new deals will begin a 100 years of commitment to the UK by the company.

"Today starts our 100-year commitment to the UK and its vision to achieve a long-term, secure, low-carbon and affordable energy supply. We look forward to sharing Hitachi's corporate vision and nuclear business policy with the management and employees of Horizon, and working harmoniously with UK companies and stakeholders for the delivery of this vital part of Britain's national infrastructure and the creation of a strong UK nuclear power company," said Hitachi president Hiroaki Nakanishi.