The government has confirmed £341 million worth of seedcorn investment in EDF’s plans to build a new nuclear power station at Sizewell in Suffolk.
The Department for Energy Security and Net Zero (DESNZ) has announced that the previously allocated sum has been made available for development work on the project.
The funding comes from a £679 million investment scheme, established by the government last November, to fund continuing development of Sizewell C so that the project can reach a final investment decision before the end of the current Parliament.
Preparation works being funded by the latest investment include the construction of onsite training facilities for 1500 apprenticeships and further development of the plant’s engineering design.
It is the second tranche of investment in the project this summer following £170 million announced in July.
It is designed to support plans to secure private investment for the project using the Regulated Asset Base (RAB) finance model, used in many types of infrastructure projects, which has been extended to the nuclear sector following the passage of recent legislation.
Like Hinkley Point C in Somerset, currently under construction, Sizewell C would comprise two reactors, generating a total of 3.2GW of electricity that would be equivalent to 7% of the UK’s total power needs.
Andrew Bowie, minister for nuclear and networks, said the latest funding announcement is a “clear demonstration of the government’s commitment to this vital project”.
Tom Greatrex, chief executive of the Nuclear Industry Association, said: “The station will generate enough clean power for 6 million homes from a quarter of square mile of land and create thousands of skilled jobs right across the country. It should mark the start of a new era for nuclear energy in the UK as we re-establish ourselves as a major force.”
The latest tranche of funding for Sizewell C follows a High Court ruling in June throwing out a legal challenge to ex-energy secretary Kwasi Kwarteng’s planning approval for the project last year.