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(Bloomberg) — SGE SA, a developer of small nuclear plants backed by Polish billionaire Michal Solowow, is planning a £35 billion ($46 billion) fleet in the UK with the first units expected to start up in 2034.
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The company has submitted an application under the UK’s Advanced Nuclear Framework to build 14 modular units at three sites, SGE said in a statement Thursday.
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Together, the reactors would be able to produce 4.2 gigawatts, the equivalent of more than 10% of the country’s electricity. SGE expects the project to enter the UK’s Advanced Nuclear Pipeline in November with site selection and government negotiations to be completed in the first half of 2027.
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The project would help jumpstart the UK nuclear sector and expand supplies of zero-carbon energy. The country’s grid is struggling with capacity constraints and high energy bills, delaying the ability to connect customers including a new generation of data centers.
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The large scale of the proposal is unusual as developers strive to build the first commercially viable project and take the lead in the race to dominate the small modular reactor industry. A year ago, the UK chose Rolls-Royce Holdings Inc. to supply three reactors — the country’s first SMRs — after a two-year competition, beating out competitors like Ge Vernova Inc. and Hitachi Ltd.
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SGE’s project would rely on technology by the suppliers that lost in that round last year, using GE Vernova Hitachi BWRX-300 small modular reactors. Google Cloud and Samsung C&T Corp. are among the members of the deployment team.
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In the UK, the nuclear industry has typically relied on government support. In its statement, SGE said it was presenting a privately financed, commercially-led investment. It plans to use a Contract for Difference framework with engagement from the National Wealth Fund, “meaning there will be no charges to consumers prior to operations.” It didn’t elaborate further on how the project would be financed.
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—With assistance from Devon Pendleton.
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(Updates with context throughout.)
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