SSE completes sale of Nugeneration stake
SCOTTISH & SOUTHERN Energy (SSE) has completed the sale of its 25% stake in NuGeneration – the company set up to develop proposals for a new nuclear power station in West Cumbria – for up to £7m.
SSE has sold the stake to its partners in the scheme – GDF Suez and Iberdrola, who will now each share a 50% stake in the project.
The company initially announced its decision to withdraw from the project in September, argung that its resources would be better deployed in areas where it has more experience.
It will receive an upfront payment of £5.75m, plus a further £1.25m in the fiture depending on the progression of the project.
NuGen has an option to purchase the lease of land for the development of a new nuclear power station, of up to 3.6GW (gigawatts), near Sellafield in West Cumbria.
The option was secured in October 2009 for an initial cash consideration of £19.5m and the site was named as a suitable place to build a new nuclear power station in the National Policy Statement for Nuclear Power Generation published in June 2011.
