Burges Salmon supports NDA as nuclear site future is secured
30 March 2010
Burges Salmon is pleased to announce the successful conclusion of a nationally significant agreement between the Nuclear Decommissioning Authority and Westinghouse Electric Company. The primary purpose of the agreement, in the making for over a year, was the acquisition of Springfields Fuels Limited and its business at the Springfields site by Westinghouse. This will enable Westinghouse and Springfields to invest in the site and grow the fuel manufacturing business – a cornerstone of the new nuclear renaissance, and in doing so not only secure the future of the nuclear facility, but preserve hundreds of jobs and create real long-term employment opportunities.
A formal signing ceremony marking the occasion took place on 29 March at Springfields, involving the NDA, Westinghouse, and its parent company Toshiba Corporation Power Systems Company. The new arrangements will come into operation on 1 April 2010.
The NDA team was led by Michael Glass. The multi disciplinary Burges Salmon team working with the NDA throughout the transaction, was led by experienced nuclear sector partner John Houlden, who said:
'We are delighted to have been part of this historic transaction which has culminated in an extremely positive result for the NDA and the sector. It has been both co-operative and innovative throughout, being the first time there has been a public to private transfer of such a business and site.'
Ian Salter Head of Nuclear at Burges Salmon and nationally recognised nuclear expert said;
''We see this as the conclusion of another crucial stage in nuclear new build in this country, the first perhaps being the sale of sites last year identified for potential new nuclear development. We have supported the NDA fully throughout both these trailblazing stages and are now one step closer to delivering nuclear new build.''
Michael Glass, NDA lead:
"Concluding this significant deal has been a tremendous achievement, a huge step forward for the NDA and the Government's aspirations for new nuclear power generation."
John Clarke, Commercial Director, NDA:
"This agreement represents an excellent outcome for the UK taxpayer and along with the recent land sales is another example of the NDA optimizing value from our assets"
Sean Balmer, Head of Commercial Revenue and Projects, NDA:
"The successful delivery of this project is an incredible achievement for the NDA, the UK Government and its new build agenda."