Toshiba has entered talks with Canadian asset manager Brookfield over the potential sale of its UK nuclear unit NuGen, which was slated to build the Moorside nuclear plant in Cumbria. The talks, which are at an early stage according to two people directly familiar with the matter, come after Toshiba’s negotiations with Korea’s state-owned Korean Electric Power Corp have dragged on, with an exclusivity period ending in July. Toshiba has been looking to offload NuGen as part of a wider restructuring in the wake of its financial crisis triggered by losses in its Westinghouse US nuclear business. Brookfield bought Westinghouse from Toshiba for $4.6bn in January after the US nuclear business filed for Chapter 11 bankruptcy prot ection in 2017, making the Canadian company a likely candidate for the Japanese conglomerate to approach about the sale of its UK unit. While Toshiba is continuing talks with Kepco, the deal had originally aimed to be completed by the middle of this year. Toshiba declined to comment on the talks with Brookfield but said: “Toshiba continues to consider additional options including sale of its shares in NuGen to Kepco, and we are carefully monitoring the situation, in consultation with stakeholders including the UK government.”
FT 18th Sept 2018 read more »
A Canadian investor has emerged as the latest potential rescuer of a troubled nuclear power plant planned for Cumbria. Brookfield Asset Management has been in talks with Japanese corporation Toshiba over buying the proposed Moorside site. A subsidiary of Brookfield bought Toshiba’s bankrupt nuclear subsidiary Westinghouse, whose UK arm had designed the reactors for Moorside, earlier this year.
Daily Mail 19th Sept 2018 read more »
The Japanese conglomerate behind plans for Europe’s largest nuclear reactor has rubbished claims that it is in talks with a major Canadian asset manager to sell the troubled project. Toshiba branded reports linking the sale of the NuGen development company to Brookfield Asset Management as “speculation”. The debt-ridden company added that it was still considering a sale of the NuGen consortium to South Korean mega-utility Kepco. The latest rumoured suitor has emerged just months after Kepco lost its position as the preferred bidder for NuGen, which hopes to build a major nuclear plant at the Moorside site in Cumbria. According to reports Toshiba is in early stage talks with Brookfield to offload the project after its project partners fled the consortium following the collapse of its US nuclear business Westinghouse, which was also slated to provide the reactor design.
Telegraph 18th Sept 2018 read more »