The UK government is exploring new investor interest for the Sizewell C nuclear plant, as negotiations continue to secure funding for the project.
These discussions come at a crucial time, with the UK aiming to modernise its power infrastructure by 2030.
However, the project’s funding timeline has been delayed, with a final investment decision now expected no earlier than spring 2025, pushing back the initial target of a 2024 decision.
Securing investors for Sizewell C is key to the UK’s strategy to cut carbon emissions and meet its net-zero targets by 2050.
The government has been seeking investors for over a year, initially casting a wide net before narrowing the pool to a select group.
While it remains uncertain whether the newly approached investors will join in the current phase or future rounds, the investment process is oversubscribed, according to Sizewell C managing director Nigel Cann.
The Sizewell C project, co-owned by the UK government and Électricité de France (EDF), is expected to cost £20bn ($21.16bn) and could take up to ten years to complete.
Past discussions have included investors such as Centrica, Emirates Nuclear Energy, Amber Infrastructure Group, and Schroders Greencoat, with Barclays advising the government.
The delays come as Hinkley Point C, the only UK nuclear project under construction, faces challenges including cost overruns and delays, with EDF also seeking additional investors to manage escalating expenses.