The UK’s National Wealth Fund will invest up to £599m in nuclear small modular reactors (SMRs) being developed by Rolls-Royce. The financing package is aimed at delivering three SMRs each with a capacity of 470MW.
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In a statement, NWF said its backing is intended to bolster investor confidence in Britain’s SMR industry. The UK’s secretary of state for energy security and net zero Ed Miliband welcomed the investment, citing its contribution to Britain’s energy security.
“At a time of global instability, this is a major milestone for Britain's energy security. We are backing a British company to deliver our first small modular reactors - creating a generation of good jobs, driving growth and providing clean, homegrown power for decades to come”, said Miliband.
“Our clean energy mission is the only route to getting off the rollercoaster of fossil fuels and take back control of our energy independence”, he added.
In its recently published strategic plan, the NWF identified nuclear energy as a target sector for investment mobilisation. NWF chief executive Oliver Holbourn echoed Miliband’s view on nuclear energy’s contribution to energy security.
“The development and deployment of Rolls-Royce SMR's technology here in the UK will create thousands of jobs and pave the way for an affordable, cleaner, and more secure energy system”, he commented.
The transaction with Rolls-Royce is NWF’s second nuclear energy financing package – having agreed a £36bn term loan for the Sizewell C nuclear power station last year.
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