- Michał Sołowow has announced plans to invest £35 billion in building 14 small modular nuclear reactors on three sites across the UK, including a former nuclear plant in Gloucestershire.
- The investment aims to power the equivalent of 8 million UK homes for over 60 years and may also support datacentre investments alongside Google.
- Sołowow's company, SGE, plans to invest between £2.2 billion to £2.5 billion in each 300 megawatt reactor with partners including GE Vernova and Hitachi.
- The consortium, known as SGE SMR, aims to secure three sites for the reactors by next year and obtain a government support contract to ensure a competitive electricity price starting in 2034.
- Sołowow stated that the UK government’s framework for nuclear technologies has created a clear path to market for this investment.
- SGE's plans will compete with Rolls-Royce to be the first to roll out small modular reactors in the UK, with the earliest power generation expected by 2032.
- SGE has submitted an application under the UK’s Advanced Nuclear Framework to roll out the reactors, which could generate 4.2 gigawatts over at least 60 years.
- The UK’s nuclear power contribution has decreased to about 15 percent of electricity, down from 20 percent in 2018, prompting the government to encourage private investment.
- Currently, only two new generators are under construction in the UK, located at Hinkley Point C and Sizewell C.
Michał Sołowow, a Polish billionaire, is leading a £35 billion project to build 14 small modular nuclear reactors (SMRs) across the UK, which could power 8 million homes for over 60 years. The initiative, spearheaded by Synthos Green Energy (SGE), aims to generate 4.2 gigawatts of electricity, contributing up to 11% of the UK's total electricity supply.127
The reactors will be constructed at three sites, including the state-owned Oldbury site in Gloucestershire. SGE plans to invest between £2.2 billion and £2.5 billion in each 300 megawatt reactor, collaborating with industrial partners like GE Vernova and Hitachi for design and construction.3
Sołowow emphasized the UK’s high electricity costs and established supply chain as key factors for choosing the UK as an investment destination. He stated, “Our price will be attractive and below what has been offered for Hinkley,” referring to the ongoing Hinkley Point C project.9
The consortium, known as SGE SMR, aims to secure government support contracts to ensure competitive pricing for electricity by 2034. The project is positioned to compete with Rolls-Royce, which is also developing SMRs in the UK.46
The UK government’s advanced nuclear framework is designed to encourage private investment in nuclear projects, as the country seeks to revive its dwindling nuclear power sector, which currently accounts for about 15% of its electricity supply, down from 20% in 2018.
SGE anticipates entering the Advanced Nuclear Pipeline by November 2026, with site selection and negotiations for government support expected to be completed in the first half of 2027.
“Michał Sołowow's consortium plans to invest £35bn in a fleet of 14 small modular nuclear reactors across the UK. This initiative aims to generate enough electricity to power approximately 8 million homes over the next 60 years.”
The Guardian
Construction Enquirer
