EDF has announced its intention to invest in Sizewell C, becoming the first shareholder to announce its backing for the nuclear plant.
The government revealed a £14.2 billion funding package to build the 3.2GW project back in June, pledging to unleash a “golden age of nuclear” in the process. With EDF now moving to take a 12.5% stake in Sizewell C, the project has only grown stronger, as has the UK’s plans for growth and energy security.
The news came with the Prime Minister welcoming French President, Emmanuel Macron for a UK-France Summit, with France’s export credit agency, Bpifrance will also be providing a £5 billion debt guarantee to the power station. This will enable lending from a number of leading commercial banks to the project, supporting its funding model.
There will be news on further investors and the project’s financing when a Final Investment Decision comes, which is targeted for this summer.
Energy Secretary, Ed Miliband described it as a “landmark moment” for the UK and France’s long-standing partnership in civil nuclear. Miliband continued: “Thousands of jobs and clean power for millions of homes are one step closer today as we welcome this investment into Sizewell C – delivering a golden age of new nuclear to protect family finances and boost energy security.”
