Jun 30, 2022
UK ministers tap Barclays to secure investment for new nuclear plant
UK ministers have hired Barclays to lead a search for investors willing to back a large new nuclear power plant at Sizewell on England's east coast as part of a push to secure more domestic energy sources, according to four people familiar with the appointment. The government is keen to forge ahead with a 3.2 gigawatt plant, capable of generating electricity for 6mn homes, at Sizewell in Suffolk as part of Prime Minister Boris Johnson's aim to build eight nuclear reactors by 2030. Ministers have drawn up plans with Sizewell's promoter, French state-backed EDF Energy, for a new company to replace the current joint venture that has been working on the Suffolk plant. UK ministers want to avoid further Chinese involvement in British nuclear facilities, given a deterioration in diplomatic relations between London and Beijing in recent years. Nuclear industry experts say the government will have to tread carefully as CGN's expertise will remain crucial to delivering Hinkley Point C. The company's Taishan nuclear power plant in southern China was the first in the world to operate using a Franco-German European Pressurised Reactor technology that is being installed at Hinkley, and more than 100 Chinese engineers have been at work on the Somerset facility.
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