Burges Salmon's energy sector experts have advised long standing client the Nuclear Decommissioning Authority (NDA) on the completion of an approximately £200 million deal with Nugen (now owned by Toshiba Corporation and GDF SUEZ) on the extension of a land option agreement for the Moorside site. The deal will boost the development of the new nuclear power project in West Cumbria.
The NDA agreed key commercial terms with NuGen to extend a land option agreement, which reaffirms the consortium's commitment to build three reactors at Moorside.
The announcement can be read in full on the NDA website.
Burges Salmon fielded a multidisciplinary team, led by partner Ian Salter, comprising Energy and Environment, Real Estate, Banking and Commercial to advise the NDA on this deal.
Ian Salter said: “This was a high value complex deal negotiated in a short timeframe. It is both good news for the UK in terms of securing our energy supply and also for Cumbria and its nuclear workforce.”
John Clarke NDA CEO said: “The confirmation of the sale of NDA land at Moorside marks a significant milestone in the development of a new nuclear power plant in West Cumbria which is excellent news for the implementation of government energy policy as well as for the local community who will benefit from the substantial investment and jobs. The sale proceeds that will be received as a result is also good news for HM Treasury.”