French utility EDF will invest approximately 1.1 billion pounds ($1.5 billion) in Britain’s Sizewell C nuclear power project in Britain.
The announcement was made during a visit to the UK by French President Emmanuel Macron. The investment would be made once agreements with the UK Government and other investors are finalized, at which point EDF would hold an estimated 12.5% stake in the project.
“EDF’s intention to invest in Sizewell C is a further sign of its commitment to investing in Britain’s energy security and economic growth,” said Simone Rossi, CEO of EDF in the UK. “It continues over 25 years of investment across the UK.”
Sizewell C would be the first major nuclear plant in the UK since 1995. Earlier this year, Britian said it would invest 14.2 billion pounds ($19 billion) in building Sizewell C, to be in Suffolk, on England’s eastern coast. The Sizewell C project involves the construction of two nuclear reactors of European Pressurized Reactor (EPR) technology.
Nuclear power is seen as an increasingly important electricity source as the government seeks to decarbonize Britain’s electricity grid by 2030, replacing fossil fuels with low-carbon power.
The U.K. also wants to reduce its dependence on imported oil and gas, especially in light of soaring energy prices following Russia’s invasion of Ukraine.
