The UK government on Tuesday gave new British nuclear power plant Sizewell C, which will be partially funded by French energy giant EDF, the go-ahead after it struck a deal with investors, in a move to bolster energy security.
The UK government – which, with 44.9 percent is the largest shareholder in the project – said Sizewell C in eastern England will cost around €44 billion to construct.
The project will be jointly funded by Canadian pension fund La Caisse (20 percent,) British Gas owner Centrica (15 percent) and Amber Infrastructure (7,6 percent,) alongside French energy giant EDF.
EDF announced earlier this month that it will take a 12.5 percent stake in the project, lower than the 16.2 percent stake it held at the end of 2024.
"It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement.
"Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added.
The plant, which has been in financial limbo for around a decade, is not expected to start generating electricity until 2035.
The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations.
EDF signs 18.9 bn euro deal to build UK nuclear plant
Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035, and Sizewell A which is in the process of being decommissioned.
EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been plagued by delays and rising construction costs.
(with newswires)
