The government has agreed a funding package with private investors to help it spread the cost of the upcoming £38bn Sizewell C nuclear plant, although it will remain the largest shareholder in the project.
In June, energy secretary Ed Miliband confirmed an initial £14.2bn in funding for the plant as part of plans to kickstart a “golden age” of nuclear energy in the UK and decarbonise the electricity grid.
But the massive scale of the project has meant the government wanted to find external investors to help spread the financial burden. In total, the taxpayer will take an initial 44.9% stake, while the new shareholders include investment group La Caisse with 20%, Centrica with 15% and Amber Infrastructure with an “initial” 7.6%.
This comes alongside French energy giant EDF taking a 12.5% stake in the project, set out earlier this month, as well as a proposed £5bn debt guarantee from France’s export credit agency Bpifrance Assurance Export to back the company’s commercial bank loans.
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