Sizewell C investment boost

The Government said a major investment in the planned Sizewell C nuclear plant was a major boost for UK growth and energy security.

French energy firm EDF confirmed it will take a 12.5% stake in Sizewell C, the first shareholder to announce its backing alongside the UK government, who confirmed £14.2bn of funding for project last month.

Further investors and details on the project’s financing will be confirmed at the point of the Final Investment Decision, targeted for this summer.

Sizewell C will be first major UK project to be financed using the Regulated Asset Base (RAB) model which allows for the cost of construction to be recovered through regulated revenue, potentially lowering the cost of financing and ultimately reducing the cost for consumers.

Energy Secretary Ed Miliband said the agreement is a “landmark moment” in the UK and France’s long-standing partnership in civil nuclear.

“The government’s nuclear programme is now the most ambitious for a generation - once small modular reactors and Sizewell C come online in the 2030s, combined with Hinkley Point C, this will deliver more new nuclear power to the grid than over the previous half century combined.”