Areva moves to wind energy as nuclear continues to slide

From Reuters: French nuclear power engineering giant Areva is planning to set up an offshore wind turbine factory in the east of Scotland, which could create 750 jobs, the group said on Monday.

Areva plans to invest "several 10s of million euros", Chief Executive Luc Oursel said at a news conference, and the plant for Areva's 5 megawatt turbines should be up and running in 2015 or 2016, he said.

"Areva has chosen to locate its future facility in east Scotland to optimise logistics costs for UK projects and to benefit from a growing cluster of offshore supply chain businesses in the area," Areva said in a statement earlier.

A memorandum of understanding was signed by Scottish First Minister Alex Salmond during a visit to Paris, the state-owned group said.

The Scottish site, which has yet to be identified, will be Areva's third European site for offshore turbines, alongside a future plant in Le Havre in northern France and Germany's existing Bremerhaven factory.