The Government has announced that the Sizewell C nuclear power plant in Suffolk will cost around £38 billion, as it struck a deal with a group of investors. Energy Secretary Ed Miliband signed the final investment decision for the development, marking a major milestone for Britain's nuclear energy programme.
The Government will become the biggest equity shareholder in the project with a 44.9% stake. The Department for Energy Security & Net Zero (DESNZ) confirmed the landmark investment decision.
New investors join project
New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%. The announcement comes alongside French energy giant EDF revealing earlier this month it was taking a 12.5% stake - lower than its previously stated 16.2% ownership.
Miliband said the investment would provide clean, homegrown power to millions of homes for generations to come. He described the decision as part of delivering "big things and big projects" in Britain again.
Government promises nuclear renaissance
"This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good," Miliband said. The Energy Secretary positioned the project as crucial for reducing Britain's dependence on volatile international energy markets.
The Sizewell C development represents one of the largest infrastructure investments in recent British history. The nuclear power station aims to strengthen Britain's energy security whilst moving away from fossil fuel dependency.
(PA/London) Note: This article has been edited with the help of Artificial Intelligence.
