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British government searching for investors, needs to raise billions of pounds for Sizewell nuclear project.

The British government is seeking financial advisers to raise billions of
pounds for the proposed Sizewell C nuclear plant in Suffolk as ministers
close in on a tacit agreement with Beijing to remove Chinese state-backed
energy group CGN from the £20bn project.

A new company would replace the
joint venture between French utility EDF and CGN that is developing the
£20bn Sizewell C plant in Suffolk, according to people familiar with the
government’s plans.

EDF holds 80 per cent under the current structure
with the remainder held by the Chinese group. Under the revised plans, both
the UK government and developer EDF would take a 20 per cent stake each in
the new vehicle and end CGN’s involvement in the project, reflecting how
diplomatic relations between Beijing and London have deteriorated in recent

The government this week launched the search for investment bankers
to find investors for the remaining 60 per cent stake, according to people
with knowledge of the situation. The new company would be chaired by
Stephen Billingham, a City veteran who was previously finance director of
British Energy, the group that owned Britain’s operational fleet of
nuclear reactors before it was bought by EDF in 2008.

 FT 3rd March 2022


March 5, 2022 - Posted by | business and costs, politics, UK

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