Sizewell C, the planned nuclear power plant on the Suffolk coast, has been granted planning permission after ministers overruled planning officials.
The independent Planning Inspectorate had recommended that the plant in Suffolk be rejected unless its developers addressed concerns about water supplies and the effect that construction would have on local habitats.
But, after further discussion with French energy group EDF, energy secretary Kwasi Kwarteng decided that the project should proceed. The government said the “very substantial and urgent need” to build the plant outweighed the environmental “harms”.
The government has already committed £100m to its development and must decide whether to press ahead with investing up to £1.7bn of taxpayers’ cash for a 20% stake alongside EDF. The French state nuclear group is also expected to retain a 20% stake in a deal that would push out CGN, the Chinese state-backed nuclear group.
Barclays and Rothschild are working to secure the other 60% of funding, with industry sources suggesting a total equity requirement of about £8bn.
