The UK government is in discussions with investors outside the core group of existing bidders for an interest in the Sizewell C nuclear plant, as negotiations to finalise the project’s funding proceed.

The discussions come at a pivotal time as the UK seeks to secure investments to modernise its power infrastructure by 2030, as reported by Bloomberg.

The project’s funding has been postponed until at least spring 2025, a delay in the initial goal of a final investment decision by the end of 2024.

Securing investors for new nuclear plants is a key part of the UK’s strategy to reduce carbon emissions and achieve its net zero targets by 2050.

The government has been in search of investors for the Sizewell C project for more than twelve months, initially casting a wide net before focusing on a select group of interested parties.

It remains unclear if the newly approached investors will participate in the current fundraising phase or in future rounds, as the government considers reducing its stake further.

According to Sizewell C managing director Nigel Cann, the investment process is currently oversubscribed, with all initial bidders still in contention and new investor interest now being evaluated.

At an industry event in London, Cann stated: “We’ve got a lot of other investors keen to invest. I can’t tell you the names […] but we’re oversubscribed.”

According to a spokesperson for the Department for Energy Security and Net Zero, the equity and debt raising process is advancing and will shortly conclude, with a final investment decision expected during the multiyear spending review.

The Sizewell project, co-owned by the UK government and Électricité de France (EDF), a minority shareholder, is estimated to cost £20bn ($21.16bn) and could take ten years to complete.

Past discussions have involved investors such as Centrica, Emirates Nuclear Energy, Amber Infrastructure Group and Schroders Greencoat, with Barclays advising the government.

Barclays and Centrica have declined to comment and other stakeholders have not yet responded to inquiries.

Centrica CEO Chris O’Shea has indicated that the company’s involvement in UK infrastructure projects such as Sizewell hinges on favourable conditions.

Hinkley Point C is the only nuclear power station currently under construction in the UK, facing delays and cost overruns, with EDF also seeking investors to manage the escalating expenses.