The British government is reportedly looking for financial advisers to help them raise billions of pounds for the proposed Sizewell C nuclear plant in Suffolk, as it seeks to remove the involvement of China General Nuclear Power Group (CGN), a Chinese state-backed energy group, from the project.
CGN was supposed to develop the £20 billion Sizewell C plant in Suffolk. The existing joint venture between EDF, a French multinational energy company, and CGN will be replaced by a new entity. The object is still in the planning and development phase. Under the current structure, EDF has 80% stakes in the company, with the Chinese group owning the remaining 20%.
The existing nuclear facilities in the UK are owned by EDF along with Centrica, a British energy company. The company had to shut downmany plants ahead of schedule. As a result, there has been an increasing push to build more nuclear power plants in recent years. The remaining six active power stations account for roughly 16% of the UK’s total generating capacity. However, when Hinkley Point B in Somerset closes in July, this will reduce much more, with four of the remaining five facilities expected to close by March 2028.
EDF and the UK government are hoping to lure private investors to Sizewell C by using a “regulated asset base” concept that has already been utilized to fund other infrastructure projects such as gas networks and airports.
