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    Home > News > Power News > News Article

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    UK to Acquire 50% Stake in Sizewell C Nuclear Project from EDF Energy for USD842.5 Million


    December 4, 2022 - Marketline - Deals

     

      Deal In Brief

      Business and Energy Secretary Grant Shapps launches a landmark package to invest to help secure Britain’s energy independence. The government is driving forward plans to build a secure energy future, creating cheaper, cleaner energy from British sources, for Britain. This includes continuing the revitalisation of the UK nuclear industry by confirming the first state backing of a nuclear project in over 30 years, part of the UK’s biggest step yet in the journey to energy freedom

      Government will become a 50% shareholder in the project’s development with EDF and will work together with the project company to raise capital investment for the project. The move is the first direct government investment in a new nuclear power project since Sizewell B, the last nuclear power station to be built in the UK, was approved for construction in 1987

      The government’s £700 million stake in Sizewell C is positioned at the new blueprint to Britain’s energy sovereignty, as plans to develop the new plant are approved. This is expected to create 10,000 highly skilled jobs and provide reliable, low-carbon, power to the equivalent of 6 million homes for over 50 years

      The approval comes alongside the government’s continued commitment to develop a pipeline of new nuclear projects, beyond Sizewell C. To support this, the UK is working to set up Great British Nuclear, the vehicle tasked with developing a resilient pipeline of new nuclear builds, with an announcement expected early in 2023

      The driving force that will power up this long-term plan is the Energy Bill, which is being driven forward in Parliament, forming part in a generation plan to put in place powers to shield Britain from global forces and secure energy for future generations. It comes as the UK sets a new ambition to reduce energy demand by 15% by 2030. This is backed by a new £1 billion ECO+ insulation scheme, and a major expansion to the government’s public awareness campaign – all of which will help households cut back on energy waste and deliver warmer homes and buildings and cheaper energy bills.

      Deal Value (US$ Million) 842.53
      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Announced: 2022-11-29

      Deal Participants

      Acquirer (Company) Government of United Kingdom
      Vendor (Company) EDF Energy plc

      Deal Rationale

      % Acquisition 50%

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

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