Japanese technology company Hitachi has announced the end of plans for a multi-billion-pound nuclear power plant project in Wales, UK.

The Japanese company already suspended operations on the $26bn (£20bn) Horizon Project in January last year, after it could not reach a financial agreement with the UK government.

A company spokesperson said: “Hitachi made this decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of Covid-19.”

Hitachi’s UK subsidiary Horizon Nuclear Power proposed the project. Plans included construction of two advanced boiling water reactor (ABWR) at Wylfa Newydd in Anglesey, North-West Wales.

The spokesperson said it will now coordinate with the UK government and other organisations associated with the project regarding its ABWR license, the management of construction sites, and other matters.

They continued: “Hitachi expresses its deepest gratitude to the UK government, the Wales government and residents, the Japanese government and other stakeholders for their continued support and cooperation.

“Hitachi will continue to contribute to improve social, environmental and economic value and people’s quality of life through its social innovation business, including its energy business.”

The UK government intends to construct several nuclear reactors as part of its energy transition. However, even after offering a financing package “well beyond what any government has been willing to consider in the past”, Hitachi remained uninterested.