The government has signed a final investment decision for Sizewell C, marking what is the UK’s most significant public investment in clean, homegrown energy “this century”.
The 3.2GW project is set to deliver clean power for the equivalent of six million homes once operational, while supporting 10,000 jobs, as well as thousands more across the nationwide supply chain, along with 1,500 apprenticeships. It could potentially create savings worth as much as £2 billion a year across a future low carbon electricity system.
Notably, it will be awarding 70% of the value of construction to British businesses, with it expecting to have as much as 3,500 UK companies in its supply chain across the whole of the country.
The government is taking an initial 44.9% stake, becoming the single biggest equity shareholder in the project. Other shareholders include La Caisse (20%), Centrica (15%), EDF (12.5%) and Amber Infrastructure (7.6%).
France’s export credit agency, Bpifrance Assurance Export, is involved with a proposed £5 billion debt guarantee, backing Sizewell’s commercial bank loans. The majority of the project’s debt finance will be provided by the National Wealth Fund, which is making its first investment in nuclear energy, and will work with Bpifrance to support the building of the plant.
Sizewell C’s Joint Managing Directors, Julia Pyke and Nigel Cann, said: “We are determined to deliver this major infrastructure differently, and to make sure this is a project Britain can be proud of.”
Pyke and Cann continued: “By investing in Sizewell C, they are laying the foundations for a more secure, cleaner and more affordable energy system. Because 70% of our construction spend will be in the UK, with a £4.4bn commitment to the east of England, they will also help to create thousands of great jobs and new opportunities for people and businesses up and down the country.”
