Latest news with #AmberInfrastructure
Time of India
7 days ago
- Business
- Time of India
UK approves Sizewell C nuclear plant after La Caisse investment
The UK government on Tuesday gave new British nuclear power plant Sizewell C the final go-ahead after reaching a deal with investors, aiming to bolster net zero and energy security goals. The government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around £38 billion ($51 billion) to construct. The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica, Amber Infrastructure and French energy giant EDF. "It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added. The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s. The projected construction cost of £38 billion exceeds previous official estimates of £20 to £30 billion - and campaigners have warned that further cost overruns or delays could impact households. The final investment decision gives the government a 44.9 per cent stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20 per cent stake, Centrica 15 per cent and investment manager Amber Infrastructure an "initial" 7.6 per cent. EDF announced earlier this month that it will take a 12.5 per cent stake in the project - down from 16.2 per cent ownership the end of 2024. The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations. Prime Minister Keir Starmer's government has also pledged by 2035 to reduce UK greenhouse gas emissions by 81 per cent on 1990 levels, under plans to reach net-zero by 2050.
Yahoo
7 days ago
- Business
- Yahoo
Canada's La Caisse, Amber Infrastructure to invest in Britain's Sizewell C, Les Echos reports
PARIS (Reuters) -Canadian investment fund La Caisse will join up with Britain's Amber Infrastructure to become the largest private investors in Britain's Sizewell C nuclear project, French newspaper Les Echos reported on Monday. The business newspaper said that final decisions on the investment would be made on Tuesday if all went well, citing unnamed sources. The pair of private investors would provide 25-30% of the capital for the project, the cost of which has ballooned since initial announcements, Les Echos reported. Britain's government has committed 17.8 billion pounds to the project but has continued to search for investors. Reuters previously reported that U.S.-listed investment fund Brookfield would take a stake of more than 20% in the project in exchange for funds to finance the plant's development and that British utility Centrica could also play a role. French nuclear energy utility EDF is set to invest around 1.1 billion pounds ($1.48 billion), taking a 12.5% stake in the project. Amber Infrastructure and Brookfield did not immediately respond to requests for comment. La Caisse, EDF and the UK government declined to comment. Britain is vying to build new nuclear plants to increase energy security and to reach climate targets. Southeast England's Sizewell C plant is expected to produce electricity to power 6 million homes when operational. ($1 = 0.7419 pounds)
Qatar Tribune
7 days ago
- Business
- Qatar Tribune
UK govt gives final nod for new $51 bn nuclear power plant
Agencies The British government on Tuesday gave a final nod to nuclear power plant Sizewell C after reaching a deal with investors, aiming to bolster its net-zero and energy security goals. The government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around 38 billion pounds ($51 billion) to construct. The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica, Amber Infrastructure and French energy giant EDF.'It is time to do big things and build big projects in this country again,' Energy Secretary Ed Miliband said in a statement.'Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come,' he added. The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s. The projected construction cost of 38 billion pounds exceeds previous official estimates of 20 billion pounds to 30 billion pounds, and campaigners have warned that further cost overruns or delays could impact households. The final investment decision gives the government a 44.9% stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20% stake, Centrica 15% and investment manager Amber Infrastructure an 'initial' 7.6%. EDF announced earlier this month that it will take a 12.5% stake in the project, down from 16.2% ownership at the end of 2024. The U.K. has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power Minister Keir Starmer's government has also pledged by 2035 to reduce U.K. greenhouse gas emissions by 81% on 1990 levels, under plans to reach net-zero by 2050. The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste. The plans for Sizewell C have been met with anger by some local residents worried about the impact of the new plant on the town of Leiston in Suffolk.
France 24
22-07-2025
- Business
- France 24
UK gives green light to £38 bn Sizewell C nuclear plant
The government, the largest shareholder in the project, said Sizewell C in eastern England will cost around £38 billion ($51 billion) to construct. The project will be jointly funded by Canadian pension fund La Caisse, British Gas owner Centrica and Amber Infrastructure, alongside French energy giant EDF. EDF announced earlier this month that it will take a 12.5 percent stake in the project -- lower than the 16.2 percent stake it held at the end of 2024. 'It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added. The plant, which has been in financial limbo for around a decade, is not expected to start generating electricity until 2035. The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations. Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035 -- and Sizewell A which is in the process of being decommissioned. EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been plagued by delays and rising construction costs.
Bloomberg
22-07-2025
- Business
- Bloomberg
UK Inks Investment Deals on £38 Billion Sizewell C Nuclear Plant
The UK announced final approval for the Sizewell C nuclear power plant after securing private investment in the £38 billion ($51 billion) project that will help advance the government's energy and climate goals. The British government will retain a minority stake of around 45%, while other investors include French state-owned Electricite de France SA, Caisse de Dépôt et Placement du Québec, Centrica Plc and Amber Infrastructure Group Ltd. The major backing from private investors in the project is seen by the government as a key victory as the UK tries to drive investment and economic growth.
