Freshfields Bruckhaus Deringer has advised Toshiba Corporation on its agreement to acquire a 50% indirect stake in NuGeneration Limited (NuGen) from Iberdrola, the Spanish utility provider. NuGen is the developer of the Moorside project which aims to build a nuclear power station of up to 3.6 GW in West Cumbria, England (the Project).

Completion of the acquisition is subject to certain conditions. French utility group GDF Suez holds the remaining interest in NuGen.

Freshfields is also advising Toshiba Corporation, and its subsidiary Westinghouse Electric Company LLC, on the Project generally, including the ongoing arrangements with GDF Suez.

The Freshfields team was led by partners Martin Nelson-Jones and Sally Roe, working alongside senior associates James Vernon and Vanessa Jakovich.