The UK government is engaging with additional investors beyond the primary bidders for a stake in the Sizewell C nuclear facility as it works to finalise financing.
These talks come as the UK seeks to modernise its energy infrastructure by 2030. The timeline for funding has shifted, with a final investment decision now expected by spring 2025 instead of late 2024.
New nuclear projects are central to the UK’s net zero strategy for 2050. Efforts to secure backers for Sizewell C have been ongoing for over a year, initially targeting a wide pool of investors.
Nigel Cann, Sizewell C’s managing director, revealed the process is oversubscribed, with high interest from new and existing investors. A spokesperson for the Department for Energy Security and Net Zero stated that equity and debt-raising efforts are advancing, with decisions aligned to the multi-year spending review.
The project, co-owned by the UK government and EDF, is estimated to cost £20 billion and take a decade to complete. Previous discussions involved investors like Centrica, Emirates Nuclear Energy, Amber Infrastructure Group, and Schroders Greencoat, with Barclays as an advisor.
Currently, Hinkley Point C is the UK’s only nuclear plant under construction, facing delays and cost overruns. EDF is also seeking additional investment for that project.