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EDF, the French nuclear company, will invest $1.5 billion in Britain's Sizewell-C nuclear project

The French government and British government announced on Tuesday that EDF, a French nuclear energy company, will invest approximately 1.1 billion pounds ($1.5billion) in the Sizewell project in Britain. EDF is already a shareholder in this project.

The announcement came as French President Emmanuel Macron was on a visit of state to Britain. This is the first European leader to be in Britain since Brexit.

Britain wants to replace its aging nuclear facilities with new ones to improve energy security, and to meet its climate goal of zero net emissions by 2050.

Sizewell C is expected to produce enough electricity for around 6,000,000 homes once it's operational.

Keir starmer, British Prime Minister, said that "this investment brings us closer to realizing the benefits for the British people."

The British government

The project has already received 17.8 billion pounds but is still looking for investors.

The Department for Energy Security and Net Zero stated that the UK Government would remain a major shareholder in the project, ensuring we had oversight of the development and limiting any delays.

EDF, a state-owned company, said that its investment will give it a 12.5% stake in the project. State-owned EDF said its investment means it will have a 12.5%?

EDF's reports for 2024 showed that they had a 16.2% stake, which is equivalent to 652 millions of euros invested.

As the UK government invested more and other investors joined, it was expected that the stake of the company in the project would change.

The UK government purchased the Chinese firm's shares in the Sizewell C Project by 2022, due to security concerns.

Sizewell C will be the second nuclear plant in Britain built in over two decades after EDF’s Hinkley Point C. Hinkley Point C has faced delays and cost increases and is expected to begin operations in 2029 at a cost estimated between 31 and 34 billion pounds, based on 2015 prices.

EDF previously stated that Sizewell C will be about 20% cheaper than Hinkley C.

(source: Reuters)