Centrica PLC said Tuesday it has completed its acquisition of a 15% equity stake in the Sizewell C nuclear power station, finalizing a key part of its strategy to invest in U.K. energy infrastructure.
The British energy supplier made an initial investment of 376 million British Pounds as part of the deal, which was first announced in July, according to a company statement.
Centrica said it expects to make a cumulative investment of between 500 million and 600 million British Pounds through to the end of 2028, as part of a total capped commitment of 1.3 billion British Pounds.
The investment follows other recent moves to bolster its infrastructure portfolio, including the acquisition of the Isle of Grain LNG terminal and the life extension of two existing nuclear plants.
"Sizewell C will be at the heart of Britain's energy future - delivering reliable, affordable, zero-carbon power that fuels economic growth for decades to come," said Chris O'Shea, Group Chief Executive of Centrica.
"This investment goes far beyond building a new power station; it's a huge commitment to Britain's energy security, our journey to net zero, and the creation of thousands of high-quality jobs nationwide."
Sizewell C is a 3.2-gigawatt nuclear power station under construction in Suffolk, which will be jointly owned by Centrica, the U.K. government, French utility EDF and other investors.
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