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The Wall Street Journal: Owners of unfinished South Carolina nuclear plant sell settlement to Citibank for $1.8 billion

The owners of an unfinished nuclear power plant in South Carolina have agreed to sell at a discount their shares of a $2.17 billion settlement with Toshiba Corp., which agreed to cover costs for the project which was canceled over the summer.

Utility holding company Scana Corp. SCG, -7.83% and state-owned utility Santee Cooper said Wednesday they have sold the bulk of their financial interests in the settlement to Citigroup Inc.’s C, +1.89% Citibank N.A. for $1.847 billion. The deal is related to unfinished reactors at the V.C. Summer Nuclear Station in Jenkinsville, S.C.

The agreement with Citibank doesn’t include a $150 million payment Toshiba is scheduled to make in October to Santee and Scana subsidiary South Carolina Electric & Gas Co.

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