The UK government has officially approved the long-anticipated Sizewell C nuclear power plant in Suffolk, securing £38 billion ($51 billion) in investment from a mix of British and international stakeholders, including Canadian pension giant La Caisse.
As part of the finalized agreement, the British government will hold the largest share in the project at 44.9%. La Caisse will acquire a 20% stake, UK-based energy firm Centrica will hold 15%, and London’s Amber Infrastructure will initially take 7.6%. These investments will accompany the 12.5% previously secured by France’s state-owned energy company EDF.
The green light for Sizewell C represents another milestone in Europe’s growing return to nuclear energy, driven by goals to replace outdated facilities, enhance energy security, and meet decarbonization targets.
Once completed, Sizewell C will be the UK’s second new nuclear facility in over 20 years, expected to generate electricity for approximately 6 million homes and create up to 10,000 construction jobs at its peak. EDF projects the plant will become operational by the mid-to-late 2030s.
“This is a crucial step toward delivering publicly-owned, next-generation clean energy that strengthens our energy independence and fuels economic growth,” said UK Chancellor Rachel Reeves in a statement.
In line with other European nuclear developments, state-backed loans and equity stakes are helping drive the project, alongside price guarantees that support commercial viability during construction. The UK’s National Wealth Fund is expected to finance the majority of the project’s debt, bolstered by a guarantee from France’s Bpifrance Assurance Export.
Sizewell C was initially planned as a joint venture between EDF and China General Nuclear Power Group. However, the UK government acquired the Chinese stake in 2022 due to national security concerns.
The project’s estimated cost of £38 billion significantly surpasses earlier projections of around £20 billion. EDF is contributing £1.1 billion, and Centrica has pledged £1.3 billion in construction funding.
The surprise addition of La Caisse as the second-largest investor comes after speculation that another Canadian firm, Brookfield, was poised to secure a leading role in the deal.
https://report.az/en/energy/uk-approves-sizewell-c-nuclear-plant-after-la-caisse-investment/