Newcleo announces plans for €1 billion fundraiser as it targets UK nuclear industry

After the Chancellor announced in last week’s Spring Budget that the government will be consulting on listing nuclear energy as ‘environmentally sustainable’, in order to boost investment, Newcleo has announced it’s plans for €1 billion fundraiser.

The company is looking to raise the funds in support of it’s manufacture fuel from nuclear waste as well as the development of lead-cooled fast nuclear reactors (LFRs).

In an article for CityAM, legal director Mustafa Latif-Aramesh criticises the governments decision to move away from direct investment in the nuclear industry, in favour of a SMR competition, emphasising the need for a quick response.

‘In Europe, countries are reducing environmental assessment requirements, whilst the federal government is backing nuclear with hard cash in the US. Meanwhile in the UK, delays on the winners of the Future Nuclear Enabling Fund, along with developers having to wait until 2025 at the earliest for the revised National Policy Statement for New Nuclear, are likely to cause concern. The consultation on site selection also risks diverting resources to a further process and delaying delivery.’

The full article on Newcleo, is available to read on the CityAM website.

Hear more comments from Mustafa, on the nuclear industry, by subscribing to our weekly Planning Act 2008 blog.