A consortium led by Polish billionaire industrialist Michał Sołowow has announced plans to construct 14 small modular nuclear reactors (SMRs) across three sites in the UK, including the location of a former nuclear plant in Gloucestershire. The initiative aims to deploy £35bn of private capital to generate enough electricity to power the equivalent of 8 million UK homes for more than 60 years, with potential to also supply energy-intensive datacentre investments alongside Google.
Project Details and Partners
Sołowow's nuclear development company, SGE, plans to invest between £2.2bn and £2.5bn in each 300-megawatt reactor. The consortium, known as SGE SMR, includes US manufacturer GE Vernova and Japanese industrial conglomerate Hitachi, which are responsible for the reactor design. The chosen design is the GE Vernova Hitachi BWRX-300, a boiling water reactor (BWR).
The consortium hopes to secure three sites for the reactors by this time next year, along with a government support contract that would guarantee a competitive price for the electricity once generation begins in 2034. While specific sites have not been disclosed, the Guardian understands that an application has been submitted for the Oldbury site in south Gloucestershire, which was earmarked earlier this year for SMR development under the government's advanced nuclear framework.
Government Context and Competition
Sołowow stated that the government's framework, designed to fast-track nuclear technologies, has created "a clear path to market" in the UK, which he called "home to one of the world's most experienced nuclear workforces." He added, "Because of this, I am confident we will set a new standard for nuclear development by combining our disruptive business model with the BWRX-300's 10th-generation proven technology. We will rely strongly on the UK supply chain; it is a critical element for our project. Our project will create a distinct competitive advantage for the UK economy."
The Labour government unveiled plans for a historic expansion in nuclear power across England and Wales shortly after taking office, with Prime Minister Keir Starmer calling for tech companies to collaborate with the government to build SMRs to power AI datacentres. SGE's plans put it in competition with Rolls-Royce, which won a government competition earlier this year to start generating power by 2032 at the earliest.
Funding and Datacentre Partnership
SGE's joint venture agreement, signed this week in London, includes Google Cloud, which Sołowow hopes will also partner on investing up to £4.5bn in datacentres to utilise the nuclear output. However, the Guardian understands this is viewed as an accompanying proposal and is not part of the current application. Instead, the consortium seeks a contract similar to the one offered to the Hinkley Point C nuclear project, using the contracts for difference (CfD) scheme, which pays a fixed rate from energy bills once generation begins. This contrasts with the funding model for Sizewell C, where the developer is paid during construction, exposing billpayers to higher costs if delays occur.
Industry Reaction
Tom Greatrex, chief executive of the Nuclear Industry Association, said SGE's SMR plans demonstrate that the government's nuclear framework "has really revived and spurred interest in privately led nuclear projects." The consortium has not disclosed which energy company would operate the reactors.
