Online auction of new nuclear sites successful
01 May 2009
There has been a successful conclusion to the £387million online auction sale of the first tranche of UK nuclear new build sites - Bradwell, Oldbury and Wylfa. The conclusion of this phase is a vital first step for the Government to realise its commitment to have new nuclear power generation operational by 2017/18.
We have worked closely with the NDA in the planning and implementation of this project for several months. Our team, comprising primarily Property and Planning lawyers who over recent years have developed unrivalled nuclear sector experience and expertise, was complemented with lawyers from the firm's nationally recognised specialist nuclear law practice.
Ian Salter, Head of Nuclear: "I am delighted the NDA has delivered such a successful outcome for the UK. Bringing this to market has been a marathon effort all round requiring meticulous planning and, given the short timescales and high stakes, equally meticulous execution. The novel auction approach provided a truly transparent and effective real time platform for the sale process."
Paul Browne, Head of Property: "To get to a stage whereby we were able to start an e-auction with a variety of parties simultaneously on three strategically and politically important nuclear sites with innovative contractual documentation is testament to the effort put in by the entire Burges Salmon and NDA teams."
NDA Head of Legal, Roger Clayson: "By its very nature the outcome of a fully competitive auction process is unknown, but the priorities we set ourselves at the outset have been achieved resulting, I believe, in an excellent result for all. I am very grateful to Burges Salmon for their commitment to this process particularly given the short timescales involved."