ENGIE to transfer its 40% stake in NuGen project to Toshiba

NuGen, the U.K.-based nuclear energy company that plans to build three Westinghouse AP1000 reactors in West Cumbria, at Moorside, is facing some significant challenges which have led ENGIE to exercise its contractual rights in view of transferring its 40% shares to Toshiba.

ENGIE, as operator of an important European nuclear fleet, remains willing to put its know-how and expertise at the service of NuGen and help any restructuring with new potential partners for the development, construction and operation of the project. ENGIE, through its affiliates ENGIE Electrabel, Tractebel, Endel, ENGIE Axima and ENGIE Ineo, remains an important contributor to the European nuclear industry.

As a leading energy and services company in the United Kingdom, ENGIE continues to play a major role in the UK’s energy transition. With 17,000 employees in the UK, the Group will continue to develop its business, as demonstrated by the agreement announced last month to acquire Keepmoat’s regeneration business. ENGIE is using its capabilities to lead the UK’s progression towards a more secure and sustainable future, through a strategy based on investment in critical energy infrastructure, integration of its energy expertise with its broad services offer, and innovation in customer-led solutions and technologies.