The British government and Hitachi Ltd. have agreed to begin full-scale negotiations on the Japanese firm potentially constructing a nuclear power plant in Wales.

"I am pleased to confirm that today Hitachi and the U.K. government have decided to enter into negotiations in relation to the proposed Wylfa Newydd project," Business and Energy Secretary Greg Clark said in a statement released Monday.

The announcement came after both sides agreed on a cost-sharing mix for the project to build two advanced boiling water reactors on the Isle of Anglesey in Wales.