Quebec-based investment giant La Caisse has committed up to £1.7 billion to Sizewell C, snapping up a 20% stake in the East of England nuclear megaproject.
The 3.2GW power station, set to provide clean baseload power for over 60 years, will be built under the UK Government’s Regulated Asset Base model. That means long-term predictability for investors and value for consumers.
La Caisse, formerly CDPQ, is the world’s second largest infrastructure investor and already manages over £20 billion in UK assets. Sizewell C will add serious nuclear muscle to its portfolio.
“This is a positive development for UK consumers,” said Emmanuel Jaclot, La Caisse’s Head of Infrastructure. “It is expected to provide long-term reliable baseload power and low carbon energy to more than 6 million homes… while contributing to the creation of 10,000 new jobs at peak construction and thousands more in the nationwide supply chain.”
He added: “Our investment demonstrates our confidence in the UK market – our largest destination outside North America.”
Ed Miliband, Secretary of State for Energy Security and Net Zero, hailed the move. “It is time to do big things and build big projects in this country again.
“We announce an investment that will provide clean, homegrown power to millions of homes for generations to come.”
Sizewell C is being developed by EDF alongside Centrica, Amber Infrastructure, the UK Government and now La Caisse.
Julia Pyke and Nigel Cann, Joint Managing Directors of Sizewell C, welcomed the new partner. “La Caisse brings significant experience in sustainable infrastructure,” they said. “Their involvement reinforces our strong financial base and supports our mission to create tens of thousands of high-quality jobs.”
The station is expected to cut 9 million tonnes of carbon emissions annually and deliver economic returns over decades.
La Caisse plans to invest around £8 billion in the UK over the next five years, increasing its local asset allocation by nearly 50%.
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