UAE Approached to Invest in UK's Nuclear Power Plant
An investor from UAE has been approached to attend nuclear power plant projects of the United Kingdom, Sizewell C ( the Suffolk nuclear power plant project). By failing in the Anglo-Sino relations, and the infrastructural worries over the last few years, the minister of the United Kingdom looking for new investors to join and make themselves a part of this important project. The investment may fall between £20 billion and £44 billion. The CGN owned by the state of China is now removed from this nuclear power plant project. The CGN was removed last year due to some security concerns on the infrastructure of the United Kingdom.
Last month, the government of the United Kingdom has recently lined up with a fund from Abu Dhabi, Mubadala, which is currently run by Sheikh Mansour bin Zayed Al Nahyan, the owner of Manchester City football club, approached to back with his way and join the project of energy sources with a decision due early next year.
However, a close source of Mubadala completely denied the information that this fund was interested in investing in Sizewell. The source has also informed while Mubadala was not showing any interest, other entities of the United Arab Emirates have shown interest. According to some different sources the Emirates Nuclear Energy Corporation, owned by Abu Dhabi Sovereign Wealth Fund ADQ, can play the perfect role in this nuclear power plant project.
The United Arab Emirates’ interests cross the path against the scene of Westminister stressing over another different Emirati deal. Last week RedBird IMI also put up the funds by Mansour. RedBird IMI, is a joint venture between an Abu Dhabi investor, International Media Investments, and America’s Redbird Capital. The venture made a deal announcement to take control of the Telegraph group. In this announcement, the government has indicated to initiate an investigation to get an exact report about the public interest in this deal of newspaper.
The nuclear power plant, Sizewell C has aimed to deliver sufficient energy and power sources to 6 million houses funded by the government of the United Kingdom, and France’s Électricité de France. Both investors have invested close to £100 million to take out CGN or China General Nuclear Power Group from this project. China General Nuclear Power Group held a 20% stake in this project.
At Hampton Court, south-west London, a meeting with all the leading business leaders across the globe on Monday, November 27, Rishi Sunak, the president of the United Kingdom hosted His Excellency Khaldoon Khalifa Al Mubarak, chief executive officer and managing director of Mubadala Investment Company, chairman of Manchester City F.C.; Melbourne City FC; and Mumbai City FC. The meeting took place as the president was attempting to source maximum foreign investment to the United Kingdom.
At the same time, an official search to collect investments sourced from outside was launched back in September. Sizewell C has been acclaimed only for prospective investors for years in this project, including pension funds, sovereign wealth funds, and infrastructure. The government even assigned £341 million additionally in August for further development of the project.
The bankers working at Barclays have been assigned to procure the investing amount of the project. The investment has faced some signifying opposition in Suffolk.
The United Arab Emirates is going to host COP28 this week. Whereas the investment has been mooted for more than a year for Sizewell C. A week back, the campaigners left a reading sign outside the embassy of the United Arab Emirates in London that says “Sizewell C is a toxic investment”.
On the Stop Sizewell C campaign, Alison Downes said, “There may be a dearth of UK interest in Sizewell C, but there is no energy security in handing chunks of the UK’s critical national assets to countries that don’t share our values. If the UAE is not good enough for the Telegraph, it’s definitely not good enough for Sizewell C.”
Investors in Saudi Arabia and Australia have also previously reportedly been approached to back Sizewell C. However, a source close to the project denied there was active interest from Saudi investors.
Back in 2022, it was revealed by the Observer that Centeria, the British Gas owner is a minority investor in nuclear power stations in Britain, is interested in this power plant project. One of the investment firms, Greencoat Capital also has shown interest in the same.
Sizewell C, the nuclear power plant project is a 50/50 joint venture between the UK government and Électricité de France, which is behind the sister development of Hinkley Point C development in Somerset, and this project is notably over budget and years belated.
The ministers have ruled against the individual Inspectorate Planning to approve the consent of planning of Sizewell C. All the backers and supporters of this project are seeking consent development that would precede the ultimate decision of investment by the backers and investors.
After the retirement of most of the nuclear power stations of Britain, this power plant is not looking forward to generating power prior to at least the middle of 2030.
The government of the United Kingdom of Rishi Sunak hoping for a rejuvenation of the pinnacle within the industry of nuclear power sources. Alongside the government has launched a brand new body to deliver, The Great British Energy in the summer.
Additionally, Tufan Erginbilgic, the CEO of Rolls Royce is expecting the UK government to restructure its plan and build power plants that are small in size, said during an investor day on Tuesday, November 28.
Both Mubadala and Sizewell C have been asked for comment and to give some light on this discussion on the investment of the nuclear power plant.