The latest step in the Moorside nuclear development has taken place as NuGen has appointed a leading global financial services provider.

Following a ‘competitive’ tender process, NuGen has appointed Credit Suisse, to support the delivery of the Moorside Project to build a new nuclear power station in West Cumbria.

NuGen is a joint venture between Toshiba and ENGIE (formerly GDF SUEZ).

Having secured an option to purchase land on the West Cumbrian Coast from the Nuclear Decommissioning Authority, NuGen’s Moorside project aims to develop a new generation nuclear power station of up to 3.6GW capacity.

Moorside’s three AP1000 will providing around seven percent of the UK’s projected electricity requirements.

A financial investment decision is expected towards the end of 2018.

NuGen’s chief executive officer, Tom Samson, said: “I’m delighted to be able to announce that this contract has been placed. Credit Suisse are a good fit for our business because of their previous experience with other nuclear new build developers.

“Placing this contract early in the development process is another big stride towards our goal of providing clean, affordable new nuclear power for the UK.”