The government of Sweden is planning to issue state loans to fund its planned fleet of four nuclear reactors instead of seeking private finance.

Energy minister Ebba Busch said the move was a “decisive step” to cement the country’s nuclear future, news site NyTeknik reports.

The government also established the legal framework for state support, and the power-purchase agreement that will eventually be signed.

It paves the way for public money to be offered for planning, construction and test operation of nuclear reactors.

It is expected that the units will cost about $40bn, and that the loans will cover $30bn of that sum.

Niklas Wykman, Sweden’s finance minister, said that the country’s strong public finances, combined with low national debt meant the state could borrow cheaply.

“Nuclear power is not very expensive to operate, but it costs a lot to build,” he said.

“There are large investment costs and it is uncertain whether any company can borrow that much money.”

The state will also share the risks and profits of building the reactors.

The decision to go ahead with a new generation of reactors is one of the flagship policies of the rightwing government that came to power in 2022.

The move attracted what NyTeknik calls “harsh criticism”, particularly over the risk-sharing element and the reliability of the programme’s business case.

The concerns were not helped by Finland’s Olkiluoto 3 plant, which opened 14 years late in 2023.

The government responded that households and businesses would benefit from lower and more stable electricity prices with new nuclear power plants in place.

“This is limited, well-balanced and responsible support for the first new reactors to be built,” Wykman said. “For us, protecting taxpayers’ money and public finances is absolutely central.”