Miliband signs off multi-billion funding for Sizewell C

The new Sizewell C shareholders include Canadian investment fund La Caisse with 20%, British multinational energy company Centrica with 15%, and international investment manager Amber Infrastructure, with an initial 7.6%.

This comes alongside French energy giant EDF, which is leading the power station’s construction and taking a 12.5% stake in the project. In addition, EDF has a proposed £5bn debt guarantee from France's export credit agency, Bpifrance Assurance Export, to back its commercial bank loans. 

Alongside this investment, the National Wealth Fund – the government's principal investor and policy bank – is making its first investment in nuclear energy.

The government said that this funding model represents a saving of around 20% compared with Hinkley Point C and demonstrates the value of building “a virtual replica project”. 

Sizewell C was one of eight sites identified in 2009 by then energy secretary Ed Miliband as a potential location for new nuclear. However, the project struggled with funding in the 14 years that followed under subsequent governments.

Miliband said: “It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come.”

In June, Balfour Beatty, Laing O’Rourke and Bouygues Travaux Publics - the contractors building Hinkley Point C - formed a Civil Works Alliance to deliver the main civil works.

Leo Quinn, Balfour Beatty's group chief executive, said: "Sizewell C – and our role in it – will be central to successful delivery of Britain’s ambition to deliver clean and secure energy to UK homes and businesses. 

"With the final investment decision for Sizewell C confirmed, we look forward to works commencing in earnest, so that we can apply the innovative solutions and lessons learnt from Hinkley Point C, to lower carbon emissions, create thousands of jobs and apprenticeships, and deliver this nationally significant project safely, efficiently, and to the highest standard.”

Reacting to the government's investment announcement, AtkinsRéalis's managing director for nuclear in EMEA, Chris Conboy, said: "Today’s green light will ensure the knowledge and skills honed at Hinkley Point C will continue to flow through to Sizewell C’s planning, design, and throughout programme delivery.

"This maximises opportunities for replication, which we know is vital to deliver new nuclear efficiently, and it will help to maintain the UK’s world-class skills base in readiness for the UK’s ambitious net-zero and nuclear 2050 goals."