French energy giant EDF has confirmed it plans to take just a 12.5% stake in the upcoming Sizewell C nuclear power plant once negotiations with the UK government are finalised.
The project started in 2015, with EDF planning to take an 80% share and the China General Nuclear Power Group (CGN) funding the remaining 20%.
But in 2022, security concerns about China caused the UK government to buy out CGN from the development for just over £100m and increase its stake to 50%, with EDF retaining the other 50%.
Since then, EDF has been slowly reducing its stake in the project, which coincided with major losses suffered during the building of Hinkley Point C.
EDF confirmed that it now plans to invest just £1.1bn in Sizewell C, in return for a 12.5% share in the project.
“This investment would be made at the time of the final investment decision by the project once the negotiation of agreements with the UK government and investors is finalised,” it said.
The government has so far committed £17.8bn...