British government commits US$810 million to Sizewell C nuclear project, seeks to end Chinese involvement
- Government agreed to take a ‘special share’ earlier this year to help end Chinese funding of the project
- China General Nuclear Power is a minority investor in the Sizewell C project
Prime Minister Boris Johnson has committed £700 million (US$810 million) to take a stake in the proposed Sizewell C nuclear power plant, paving the way for the British government to end Chinese investment in the controversial project.
The project, which is expected to cost about £20 billion and be completed in 2035, has been delayed for several years amid staunch opposition from local campaigners and multiple rounds of public consultations.
It also has been a flashpoint in growing concerns over Chinese involvement in critical infrastructure in Britain, counting China General Nuclear Power as a minority investor.
“We need to pull our national finger out and get on with Sizewell C,” Johnson said in a speech outside the neighbouring Sizewell B power plant.
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The commitment will allow French energy giant Electricite de France (EDF) to seek additional investors to help fund the project in eastern England near Suffolk. Barclays and Rothschild & Company have been hired to help elevate investor interest.
The British government signed off on the construction plan for the reactor in July after committing £100 million, with the option to take a larger stake in the project, in January.