LONDON (Reuters) - U.S. startup Last Energy plans to build a 300 million pound ($391 million) micro nuclear project in Wales to supply local industrial customers, the company said on Tuesday.

Britain's new Labour government has said small nuclear plants will play an important role in helping the country meet its net zero targets while businesses are also seeking new sources of emissions-free power.

Last Energy UK, a subsidiary of Washington D.C.-based Last Energy, said it would not require any public funding for the project on a former coal plant site in Bridgend, south Wales, which could be generating power in 2027.

The company said it was in commercial discussions with a range of local industrial customers and that power purchase agreements were expected to underpin the finances of the project.

The micro reactors are capable of generating 20 megawatts (MW) of electricity and the company plans to install four at the site giving it a total capacity of 80 MW.

Developers hope micro and small nuclear projects will be cheaper and easier to get off the ground than large projects which have struggled to attract enough investment for the high upfront costs involved.

Last Energy UK will now begin public engagement on the project which it said could create 100 jobs.

($1 = 0.7668 pounds)

(Reporting by Susanna Twidale; Editing by Mark Potter)