The government of the United Kingdom (UK) has given the final approval for a £38bn nuclear power plant in eastern England.
The Sizewell C nuclear power plant in Suffolk will be jointly financed by Canadian pension fund La Caisse, UK energy firm Centrica and Amber Infrastructure.
According to the Department for Energy Security & Net Zero (DESNZ), Sizewell C will deliver clean power for the equal of six (6) million homes, as well as support 10,000 jobs and create 1,500 apprenticeships once it becomes functional, which is expected to be in the 2030s.
The biggest shareholder in the project will be the government with a 44.9% stake. La Caisse will hold a 20% stake, Centrica 15% and Amber Infrastructure will take an initial 7.6%.
Earlier in July, EDF, French energy giant, made known, it was taking a 12.5% stake, lower than its previously stated 16.2% ownership.
At first, Sizewell C was proposed by EDF and China General Nuclear Power Group in the early 2010s, however, in 2022 the Conservative government purchased the Chinese company out.
Five years ago, the cost of construction was forecast to be around £20bn by EDF.
Ed Miliband, UK’s Secretary of Energy, said: “It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come.
“This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.”
Rachel Reeves, UK Chancellor, said: “La Caisse, Centrica and Amber’s multibillion-pound investment is a powerful endorsement of the UK as the best place to do business and as a global hub for nuclear energy.
“Delivering next generation, publicly owned clean power is vital to our energy security and growth, which is why we backed Sizewell C.”
Photo: Sizewell C Nuclear Power Plant site
