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Engie says challenges at NuGen led it to decide to sell its stake
April 4, 2017 / 1:12 PM / 8 months ago

Engie says challenges at NuGen led it to decide to sell its stake

PARIS (Reuters) - French energy group Engie (ENGIE.PA) said on Tuesday that major issues at British nuclear power company NuGen had led it to decide to sell its stake in NuGen to Toshiba (6502.T).

The logo of French gas and power group Engie is seen at the CRIGEN, the Engie Group research and operational expertise center, in Saint-Denis near Paris, France, Saint-Denis, France, February 29, 2016. REUTERS/Jacky Naegelen/File Photo

“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 percent shares to Toshiba,” Engie said in a statement.

Engie is in the middle of a restructuring program aimed focusing the group more on regulated power infrastructures, notably gas networks, and contract-based energy services.

Reporting by Sudip Kar-Gupta; Editing by Bate Felix

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