Rolls-Royce will announce it has successfully raised the required funds to start building its smaller scale nuclear reaction project in the UK.
The aerospace company is leading a consortium of investors for a new smaller nuclear reactor project, based on technology used in nuclear submarines.
The plan is to initially build four small modular reactors (SMRs) as a cost effective-addition to the UK’s nuclear infrastructure.
Nuclear power is currently responsible for 21 per cent of Britain’s electricity supply.
The project could get the green light from the government later this week.
The government is offering £210m in funding, provided that can be matched by private capital.
The four SMRs will be capable of generating nearly 500 megawatts of power, at a price of £2bn each.
This is three times more than most existing nuclear submarine reactors but six times less than the 3.2 gigawatts that powers the large plant under construction at Hinkley Point or the identical proposed site at Sizewell C.
Hinkley will produce enough power to supply six million homes, but will cost £20bn each for its reactors.
SMRs can be built in a controlled factory setting and installed module by module, making them less expensive.
The proposed locations of the SMRs remain unconfirmed.
The site could reportedly be operational within a decade.