The UK government has pledged £100m (€120m) in funding commitment to support the continued development of the Sizewell C nuclear power plant in Suffolk (United Kingdom). The investment, described as an option fee, will be used to continue the development of the project and aims to attract further financing from private investors and, subject to value for money and relevant approvals, the UK government. If Sizewell C reaches a final investment decision (FID), the government will be reimbursed the £100m option fee with a financing return, either in the form of either cash or an equity stake in the project. If the project does not reach FID, then the government would ask for either the Sizewell C Company shares or the Sizewell C site or, if EDF is unable to provide these assets as requested by government, the money will be refunded by EDF together with a financing return.
In June 2020, the UK Planning Inspectorate accepted the Sizewell C nuclear power plant planning application for examination. The 3,340 MW Sizewell C project that would consist of two EPR reactors is developed by EDF (80%) and its Chinese partner China General Nuclear Power Group (CGN, 20%). The Sizewell C project would be almost identical to the Hinkley Point C nuclear power plant that is being constructed by EDF and CGN in Somerset (UK) and is expected to be commissioned in 2025. EDF expects 20% in capital cost saving for Sizewell C if it manages to reuse the Hinkley Point C experience. The planning application revaluated costs of the project by 11-18%, from £17-18bn (€19-20bn) to £20bn (€22bn).
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