Rolls-Royce plans for nuclear power stations move forward
Rolls-Royce’s ambitious plans to build small nuclear reactors across the UK have taken a significant step towards becoming a reality after Business Secretary Kwasi Kwarteng gave the go-ahead for government regulators to report on its designs.
Derby-based manufacturing giant Rolls-Royce has raised around £500m towards developing its Small Modular Reactors (SMR), which it says would help reduce the country’s reliance on fossil fuels.
In December, Rolls-Royce reached agreement with Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, to invest £85m in Rolls-Royce SMR.
QIA joined Rolls-Royce Group, BNF Resources UK and Exelon Generation as shareholders in Rolls-Royce SMR, taking a 10% share of the equity.
The Rolls-Royce SMR design will now enter a design assessment process with the Office for Nuclear Regulation, the Environment Agency and Natural Resources Wales.
Tom Samson, Rolls-Royce SMR chief executive, said: “The UK regulatory process is internationally recognised and respected. We welcome the scrutiny and challenge that goes into the assessment of our nuclear power plant design.”
Kwarteng said: “This is a significant step in bringing SMRs into existence. We’re proud to back Rolls’ plan with an initial £210m to develop their design.”
The Rolls-Royce SMR business is now fully funded, having secured £490m through commercial equity and UK Research and Innovation (UKRI) grant funding.
