A consortium led by Polish billionaire industrialist Michał Sołowow has announced plans to invest £35bn in a UK rollout of small modular nuclear reactors, aiming to build 14 units across three sites.
The group, known as SGE SMR, says the reactors would be capable of producing enough electricity to supply the equivalent of 8m homes for more than 60 years. It is targeting first power generation in 2034, subject to securing sites, regulatory approvals and a government-backed revenue arrangement.
The proposed programme is one of the largest private nuclear investment plans to emerge under the UK’s renewed push to expand atomic power. It also highlights growing commercial interest in using nuclear energy to support heavy electricity demand from industry and data centres.
SGE, Sołowow’s nuclear development company, is working with industrial partners including GE Vernova and Hitachi, whose BWRX-300 boiling water reactor design is expected to be used. Each reactor would have a capacity of 300 megawatts, with an estimated investment of between £2.2bn and £2.5bn per unit.
The consortium has not publicly named the three sites it hopes to secure, nor has it confirmed which energy company would operate the reactors. However, The Guardian reported that an application has been submitted for the Oldbury site in south Gloucestershire, a former nuclear power location that has been identified under the government’s advanced nuclear framework.
Oldbury has long been associated with the UK’s civil nuclear industry. Its previous power station ceased generation more than a decade ago, and the site has remained a focus for potential new nuclear development because of its existing grid and industrial context.
SGE SMR said it aims to have sites agreed by this time next year. It is also seeking a government support contract that would guarantee a competitive price for the electricity once the reactors begin producing power.
The company is seeking to use a contracts for difference model, similar in structure to the arrangement used for the Hinkley Point C nuclear project. Under that mechanism, a generator receives a fixed price for electricity once a project is operational, with payments ultimately linked to consumer energy bills.
That approach differs from the regulated asset base model being used for Sizewell C, under which developers can receive payments during construction. The Sizewell C model has been criticised by some opponents because billpayers may face higher costs if a project is delayed or exceeds its budget.
Sołowow said the UK government’s framework for advanced nuclear technologies had created what he described as a clear route to market in a country with a highly experienced nuclear workforce. He also said the project would rely heavily on the UK supply chain.
The announcement comes as ministers seek to accelerate nuclear development in England and Wales. The Labour government has backed a larger role for nuclear power as part of efforts to strengthen energy security, reduce reliance on fossil fuels and support sectors with rising electricity demand.
Prime Minister Sir Keir Starmer has previously called for technology companies to work with government on small modular reactors, including to support energy intensive artificial intelligence data centres. Such facilities require large and reliable electricity supplies, and their expected growth has become an increasingly important issue for energy planning.
SGE’s joint venture agreement, signed in London this week, includes Google Cloud. According to the source material, Sołowow hopes Google will also be involved in potential data centre investments worth up to £4.5bn that could use electricity from the nuclear projects. The Guardian reported that this is viewed as an accompanying proposal and is not part of the current site application.
The plan also places SGE SMR in a competitive field with Rolls-Royce, which won a UK government competition earlier this year to progress its own small modular reactor programme. Rolls-Royce has said its reactors could begin generating electricity from 2032 at the earliest, placing it ahead of SGE’s stated 2034 timetable if both programmes proceed as planned.
Small modular reactors are intended to be smaller and more repeatable than traditional large nuclear plants. Supporters argue they could be deployed more quickly once designs are licensed and supply chains are established, although the UK has yet to bring a commercial SMR project into operation.
Tom Greatrex, chief executive of the Nuclear Industry Association, said SGE’s plans showed that the government’s nuclear framework had revived interest in privately led nuclear projects.
The proposal remains at an early stage and depends on site selection, regulatory assessment, financing arrangements and government support. If progressed, it would represent a major private investment in the UK’s energy infrastructure and add to the competition to deliver the country’s first generation of commercial small modular reactors.
