Disposal of stake in Nugeneration Limited

RNS Number : 5681X

SSE PLC

16 February 2012

 



SSE plc

Disposal of stake in NuGeneration Ltd

SSE has completed the sale of its 25% stake in NuGeneration Ltd ("NuGen"), the joint venture company established to develop proposals for a new nuclear power station in West Cumbria, to NNB Development Company S.A. ("NNBD") - a 50:50 joint venture between GDF Suez S.A. and Iberdrola S.A.  The stake has been sold for an upfront cash consideration of £5.75m with a further contingent payment of £1.25m dependent on progress with the development of the West Cumbria site.

SSE announced its intention to dispose of its stake in NuGen in September 2011 after concluding that, for the time being, its resources are better deployed on business activities and technologies where it has the greatest knowledge and experience.

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 (SSE share was 25%) 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.

 

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