International
The UK government is considering investing in Sizewell C in Abu Dhabi
Seetao 2023-11-28 16:04
  • The power plant will accommodate two nuclear reactors and generate 3.2GW of electricity within 60 years, equivalent to 7% of UK demand
  • Sizewell C is an important component of the UK's nuclear power revival, which was carefully planned under the UK's major nuclear program launched in July
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The UK government is considering investors in Abu Dhabi, including the United Arab Emirates sovereign wealth fund Mubadala, to acquire a significant stake in the Sizewell C nuclear power plant.

Previously, in September 2022, the UK government acquired a 20% stake in the project from China General Nuclear Corporation for nearly $12.63 billion in taxpayer funds. The geopolitical tension with China prompted this state-owned company to withdraw from the project.

The ministers are now seeking investors to fill the funding gap. Sheikh Mansour bin Zayed Al Nahyan runs a UAE sovereign wealth fund called Mubadala, and a decision is expected to be made in early 2024.

The Ministry of Energy Security and Net Zero Emissions stated that it is seeking investment partners with extensive experience in delivering major infrastructure projects, and added that "any investment will also be subject to strict national security checks.".

Political issues have raised concerns about the feasibility of the UAE sovereign wealth fund as an investment partner. Nevertheless, the government has been establishing other investment relationships with Abu Dhabi. Two years ago, Mubadala and the UK Investment Office agreed to expand their sovereign investment partnership, with the UAE committing to invest £ 10 billion.

The government has already spent £ 700 million on development as costs continue to rise, exceeding initial estimates. Due to cost issues and uncertain returns on large investments, it is difficult to attract partners.Editor/XingWentao

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