UK clears final investment for Sizewell C nuclear project

The UK government has approved the final investment decision for the Sizewell C nuclear power plant and will hold a 44.9 per cent equity stake, becoming its largest investor.

The £38 billion project will power 6 million homes for at least 60 years. It is expected to create 10,000 jobs, 1,500 apprenticeships, and award 70 per cent of construction contracts to UK-based firms. Annual savings to the electricity system could reach £2 billion.

Financing will follow a regulated asset base (RAB) model, distributing project costs among consumers, taxpayers, and private investors. A 20 per cent cost-saving strategy is based on experience from the Hinkley Point C project.

Other investors include La Caisse (20 per cent), Centrica (15 per cent), Amber Infrastructure (7.6 per cent), EDF (12.5 per cent), and INPP, which will invest £250 million for a 3 per cent stake. INPP plans to contribute £50 million annually through 2030.

The National Wealth Fund will provide most of the debt financing, backed by a £5 billion guarantee from Bpifrance Assurance Export.