MANCHESTER, England, December 21, 2015 /PRNewswire/ --
Following a competitive tender process, NuGen has appointed Credit Suisse, one of the world's leading financial services providers, to support the delivery of the Moorside Project to build a new nuclear power station in West Cumbria.
Moorside's three AP1000® reactors will generate up to 3.6GW of electricity, providing around seven percent of the UK's projected electricity requirements. A financial investment decision is expected towards the end of 2018.
NuGen's Chief Executive Officer, Tom Samson, said: "I'm delighted to be able to announce that this contract has been placed. Credit Suisse are a good fit for our business because of their previous experience with other nuclear new build developers.
"Placing this contract early in the development process is another big stride towards our goal of providing clean, affordable new nuclear power for the UK."
Notes to editors
NuGen is a UK nuclear company owned by Toshiba and ENGIE (formerly GDF SUEZ).
When fully operational, the planned Moorside reactors will have a combined capacity of up to 3.6GW, enough to power up to six million homes. The first of the three Westinghouse AP1000® reactors is targeted to come online in 2024. NuGen's Moorside project will help support the UK Government's low carbon and energy security objectives at a time when existing power plants are retiring and low-carbon generation is required to meet national and international commitments.
Construction of the new reactors will create thousands of skilled jobs over the next decade, and the project is expected to significantly boost the local, regional and national economies, with a large portion of the development and construction programmes accessible to the UK supply chain.
AP1000 is a trademark of Westinghouse Electric Company LLC. All rights reserved.
For further information please contact:
John McNamara Tel: +44-(0)7850-774377
Email: john.mcnamara@nugeneration.com
Dan Gould Tel: +44-(0)7525-264877
Email: dan.gould@nugeneration.com
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