UK looking to raise billions of pounds for new nuclear power station in bid to end Chinese involvement

The Government is reportedly looking for investors to finance the £20billion Sizewell C nuclear plant in Suffolk as Chinese-state-backed energy group CGN are excluded.

This week, ministers signed a tacit agreement with Beijing to drop the group from the project over concerns about Chinese involvement in the UK’S national infrastructure, according to a report by the Financial Times.

Under the current structure, EDF holds an 80 percent stake in the project and CGN 20 percent.

To end CGN’s involvement in the project, it is thought the Government is taking a 20 percent stake as EDF reduces their stake to match them.

To fill the remaining 60 percent a mission has been launched to find private investors.

Reportedly, to attract those investors, the Government is using a “regulated asset base” model to ensure a steady rate of return from an early stage.

It is expected CGN will continue its involvement with the nuclear power station under construction by EDF in Somerset in south-west England.

The Chinese group is financing a third of the costs to build the plant that is the first new generation nuclear reactor under constructions.

The move comes as Business Secretary Kwasi Kwarteng pushes for Britain to become less reliant on gas imports and encourage more renewable energy and nuclear power stations.