Sizewell C is expected to provide stable, environmentally friendly electricity to approximately six million households over a span of 60 years, preventing nine million tonnes of carbon emissions annually
3D Generated image of the Sizewell C Nuclear Power Plant. (Credit: GOV.UK/ Wikipedia)
Private investors will now have their initial opportunity to step forward and qualify for investment participation in the Sizewell C power station, a pivotal element of the UK’s nuclear renaissance.
Energy Security Secretary Claire Coutinho has officially announced the commencement of the next phase in the investment process, which involves inviting interested parties to register their desire to be part of this significant project.
The government, in collaboration with the Sizewell C Company and EDF, the project’s primary developer, is actively seeking companies with substantial expertise in successfully executing major infrastructure projects. This initiative builds upon the extensive engagement that has taken place during the development of the Sizewell C project.
It’s essential to note that any potential investment will be subject to rigorous national security assessments and checks.
Sizewell C is poised to become home to two of the most potent nuclear reactors globally, promising to provide stable, environmentally friendly electricity to approximately six million households over a span of 60 years. This endeavour is set to prevent a staggering 9 million tonnes of carbon emissions annually. During its peak construction phase, it is expected to create job opportunities for around 10,000 individuals across the nation.
In a notable display of commitment, the government has already injected £700m into the project, marking a historic instance of direct public investment in a nuclear project in a generation. Additionally, ministers have allocated £511m to facilitate further project development and prepare the Suffolk site for construction activities. This funding will serve as a prelude to the intended private equity fundraising effort for the project.
The government is actively fostering a resurgence in nuclear power by investing in both large-scale reactors and emerging technologies like Small Modular Reactors. The ultimate ambition is to see up to a quarter of the UK’s electricity generated by nuclear energy by the year 2050.
Secretary of State for Energy Security and Net Zero Claire Coutinho said: “Investing in Sizewell C is an exciting opportunity to be a part of the UK’s nuclear revival – delivering clean, reliable, and affordable power for generations to come.
“This project will create thousands of jobs, power 6 million homes and will boost our energy security.
“We are focused on securing good value for taxpayers and look forward to seeing strong and competitive bids to be a part of this exciting project.”
The newly initiated process, commencing today, invites potential partners to undertake a pre-qualification assessment. Companies partaking in this process will be required to demonstrate their alignment with crucial criteria for engaging in discussions regarding a prospective equity stake in Sizewell C. This includes a proven track record in successfully delivering major infrastructure projects.