nuclear-news

UK’s Sizewell C Nuclear stake seized from China may go to United Arab Emirates

The UK government is seeking backers for the nuclear power station in Suffolk. Ministers have
lined up Abu Dhabi investors to take a significant stake in the Sizewell C
nuclear power plant, as concerns grow among Conservative MPs over a
separate Emirati bid for The Daily Telegraph.

The government is looking for backers for the £20 billion power station in Suffolk, after China General Nuclear was removed from the project last year.

Britain spent nearly £100million buying the Chinese state-owned company out of its 20 per cent stake, amid concerns over Beijing having access to critical national
infrastructure.

Ministers are searching for investors to fill the shortfall
in funding. A United Arab Emirates sovereign wealth fund run by Sheikh
Mansour bin Zayed Al Nahyan, the owner of Manchester City, has been
approached before a decision expected early next year, The Times
understands. A government source confirmed that Mubadala, which controls
assets worth £219 billion, was being considered.

“They are part of the
mix of options but not the only viable one,” a source said. The
government has put more than £1.2 billion into developing the plant in
Suffolk, but the state and the energy company EDF want to retain stakes of
about 20 per cent in the construction phase and are seeking to bring in
private investors. They have been working with bankers from Barclays and
Rothschild to sound out potential backers. Centrica, the energy group that
owns British Gas, is among bidders that took part in an initial
pre-qualification process, which was run by the government last month.

Nuclear projects have long struggled to attract private investment because
of the huge up-front construction costs and the industry’s record of
delays and going over budget.

 Times 27th Nov 2023

https://www.thetimes.co.uk/article/uae-state-energy-company-china-stake-sizewell-c-q7vk8jbtd

November 28, 2023 - Posted by Christina Macpherson | politics international, UK