UK reaches agreement with investors to build £38bn Sizewell C nuclear power plant

The UK has reached a final agreement with international firms for the construction of the £38 billion Sizeweel C nuclear power plant.

The British government has reached the end of a 15-year process to provide the necessary financing for the project with the agreement it made with EDF, Centrica, La Caisse and Amber Infrastructure.

According to the UK Ministry of Energy Security and Zero Emissions, a £38 billion agreement has been signed with private sector investors for the nuclear power plant to be built at the Sizewell C site on the Suffolk coast of England.

Following the deal, the British government remained the largest shareholder with a 44.9 percent stake, while La Caisse and Centrica held 20 percent and 15 percent respectively, EDF 12.5 percent and Amber Infrastructure 7.6 percent.

The project is expected to support employment for up to 10,000 people during construction and provide electricity to 6 million households upon completion.

Commenting on the agreement, UK Chancellor of the Exchequer Rachel Reeves stated that providing a publicly owned, next-generation clean energy source is critical for energy security and economic growth, saying, “That’s why we supported Sizewell C. This investment will create thousands of jobs and help us implement our transformation plan by stimulating the local economy.”

UK Energy Security and Zero Emissions Minister Ed Miliband also noted that the government was making the necessary investment to “launch a new golden age in nuclear energy.”

AA