NuGen continues build up with another contract award

NuGen has continued to ramp up its activity as it prepares its proposals to build new reactors at Moorside in West Cumbria with the award of a contract to Credit Suisse for assistance with developing the financial structure of the project.

Coming on the back of the contract for site characterisation (see Nuclear Matters article) NuGen’s owners Toshiba and ENGIE (formerly GDF Suez) are continuing their push to take a final investment decision in 2018. Indeed this contract will be key in being able to reach that decision as the financing of the large upfront capital requirements is one of the key concerns in new build projects.

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.”