Polish Billionaire to invest £35 Billion in small modular nuclear reactors across the UK

A consortium led by the billionaire industrialist Michał Sołowow has announced plans to build 14 small modular nuclear reactors on three sites across the UK, including the location of a former nuclear plant in Gloucestershire.

The Polish entrepreneur and rally driver plans to use £35bn of private capital to roll out enough small modular reactors (SMRs) to power the equivalent of 8m UK homes for more than 60 years, or even power datacentre investments alongside Google.

Sołowow’s nuclear development company, SGE, plans to make the “significant investment” of between £2.2bn to £2.5bn in each 300 megawatt reactor alongside a string of industrial partners including the US manufacturer GE Vernova and Japanese industrial conglomerate Hitachi, which are responsible for the design.

The consortium, known as SGE SMR, hopes to secure three sites for the boiling water nuclear reactors (BWRs) by this time next year as well as a government support contract which would guarantee a “competitive” price for its electricity once it starts generating in 2034.

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It has not disclosed which sites it hopes to use for the GE Vernova Hitachi BWRX-300 design, or which energy company would be the operator. However, we understand the consortium has submitted an application to use the Oldbury site in south Gloucestershire which was earmarked earlier this year for the development of SMRs under the government’s advanced nuclear framework.

Sołowow said the government’s framework, which aims to fast track the rollout of nuclear technologies, had created “a clear path to market” in the “home to one of the world’s most experienced nuclear workforces”.

“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,” he said.

The Labour government unveiled plans for a historic expansion in nuclear power across England and Wales within months of coming to power, with Keir Starmer calling for tech companies to work alongside the government to build SMRs to power energy-intensive AI datacentres across Britain.

SGE’s plans will put it in competition with Rolls-Royce to be the first to roll out SMRs in the UK, after the British engineering company won a government competition earlier this year to allow it to start generating power by 2032 at the earliest.

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 make use of the nuclear output. Reporters understand this is viewed as an accompanying proposal which is not part of its current application.

Instead, the consortium hopes to secure a similar deal to the contract offered to the Hinkley Point C nuclear project. It has opted for the contracts for difference scheme, which pays a fixed rate from energy bills once the project begins generating electricity, rather than the controversial model used to fund the Sizewell C project. Under that scheme the developer is paid during the construction phase, meaning billpayers risk bigger costs if there are delays.

Tom Greatrex, chief executive of the nuclear industry association, said SGE’s SMR plans showed the government’s nuclear framework “has really revived and spurred interest in privately led nuclear projects.”