The Qatari company joins BNF Resources and Exelon Generation, in addition to Rolls-Royce Group.
Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said:
- QIA is investing in the energy transition and funding the technologies that enable low carbon electricity generation
- We will continue to seek out investments that align with our mandate to deliver long-term value for future generations through responsible sustainable investments
These aims to generate electricity for 1 million homes.
The company submitted a 470 MW design to the UK’s Generic Design Assessment regulatory process in November.
Rolls-Royce Group CEO Warren East welcomed the QIA investment:
- We have successfully raised the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the business is now set up to succeed
Energy security
Business and Energy Secretary Kwasi Kwarteng described the move as:
- a clear vote of confidence in the UK’s global leadership in nuclear innovation and follows the £210 mln of government investment in the development in Small Modular Reactors
This will come while providing highly skilled jobs and bringing cheaper, cleaner electricity to people’s homes.
Developing SMRs is a core part of the UK’s 10 Point Plan, the statement continued.
This plan, published in late 2020, set the goal of delivering the 1st SMRs in the early 2030s.
The 10 Point Plan also set out £170 mln of funding for advanced modular reactors.
The investment comes as Foreign Secretary Liz Truss hosts a number of Middle Eastern diplomats.
A statement today said Truss had convened a meeting of the Foreign Ministers of Saudi Arabia, Qatar, Oman, Bahrain and Kuwait, the UAE Ambassador and Permanent Representative to the United Nations and the GCC Secretary-General.
Truss said:
- It is a win-win for all parties
- I wanted much deeper links in key areas like trade, investment, development and cybersecurity
- The Middle East is a part of the world that is important to Britain’s long-term interests
