One of the biggest backers of renewable energy projects is lining up a bid for a multibillion-pound stake in the UK’s existing fleet of nuclear power reactors. Greencoat Capital is understood to be in talks to launch a new fund targeting the planned £4bn sell-off of a minority stake in the UK’s seven nuclear reactors from EDF Energy and Centrica. The pair have hired a string of City heavy-hitters to field bids for a share of the 9GW fleet, which generates a fifth of the UK’s electricity, in the hope of clinching a sale by the end of next year. The French nuclear giant now hopes to remain the fleet’s operator while reducing its four-fifths stake to just over half, and Centrica hopes to shrug off its one-fifth share altogether. The fund manager, which holds £2bn worth of renewable energy investments, has emerged as a surprise suitor in the sale, which is expected to begin in earnest later this year. The fund could provide a solution for EDF Energy and Centrica, which face an uphill battle for an attractive price for a stake in the ageing plants as they reach the end of their lives. Investors are understood to have taken part in an early auction round last week to gauge the interest of bidders, which reportedly include Chinese nuclear companies, pension funds and investors. No clear front-runner for the sale has emerged, according to sources. It would be Greencoat’s first move into nuclear power, despite the strong nuclear pedigree of its senior team. Richard Nourse, Greencoat’s chairman, is a non-executive board member of nuclear enrichment company Urenco. He was also part of the government body responsible for overseeing British Energy. Nourse founded Greencoat in 2009.
Telegraph 7th April 2019 read more »
A theatre production that used puppets and animation to explore the region’s nuclear heritage has won high praise from audiences. ATOM:A Tale of Matter explored the life of John Dalton (1766-1844), who was born in Eaglesfield and became a renowned scientist after his early work on atom theory. Among the performances was a VIP night at Whitehaven’s Beacon Museum. The project used the creative talents of pupils from Distington Community and Seascale Primary schools to develop the story which was performed by Prism Arts Studio Theatre West Coast, an inclusive group that includes actors with learning disabilities and autism.
Whitehaven News 7th April 2019 read more »