The funding will see activity ramp up at the Suffolk site, supporting continued preparation works, such as constructing onsite training facilities for 1500 apprenticeships, further development of the plant’s engineering design, and direct investments in the local community ahead of work starting.
Building on the government’s existing £870m stake in the project, the additional funding will also enable the procurement of key components from the project’s supply chain and expansion of its workforce.
At the peak of construction work, Sizewell C will support 10,000 jobs nationwide, with 70 per cent of the value of construction contracts in the supply chain going to UK businesses.
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In a statement, minister for nuclear and networks Andrew Bowie said: “Sizewell C will be a significant part of the revival of nuclear energy in this country – providing clean, home-grown power to millions of homes, providing thousands of jobs and ending reliance on foreign electricity to bolster our energy security.
“[This] funding announcement is a clear demonstration of the government’s commitment to this vital project, and will mean the site will be shovel-ready, and work able to start, much more quickly.”
Yesterday’s announcement (August 29, 2023) is the second tranche of planned government investment this summer, further supporting plans to secure private investment using the Regulated Asset Base (RAB) finance model and bolstering the pledge of taking a final investment decision on Sizewell C this Parliament.
Sizewell C would comprise two reactors, generating a total of 3.2GW of electricity, helping to deliver the government’s ambition for up to 24GW of the UK’s power to come from nuclear by 2050.
Julia Pyke, Sizewell C Company joint managing director, said: “This is great news and puts us in an even stronger position to start full construction. It will also allow us to implement several community schemes over the next few months. We want people living near Sizewell C to see the benefits of the project as soon as possible and we’re looking forward to getting started on a range of proposals which will bring real improvements to the area well before the main construction gets underway.”
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