Buying out China’s stake was inevitable but the government still has the onerous task of finding committed investors
Another day, another “confirmation” that the government plans to build the Sizewell C nuclear power plant in Suffolk – surely the “most announced” project in UK infrastructure history. The latest update, though, contained a genuine sign of seriousness: the Chinese are being paid to go away.
China General Nuclear (CGN), a state-backed firm, owned a 20% stake in the fledgling project and had, in effect, a right to subscribe to maintain its holding through the various funding rounds – just as it did at Hinkley Point C in Somerset. In practice, any form of Chinese involvement in Sizewell has been impossible for at least a year.
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