The UK government has said it will take a 20% stake in the proposed Sizewell C nuclear power project in Suffolk.
Ministers had previously committed £100 million for the development of the Sizewell C nuclear plant.
In recent months, the UK Prime Minister reiterated the government’s objective of building one new nuclear power station every year.
Business Secretary Kwasi Kwarteng has unveiled plans for funding new nuclear projects.
These include a new funding model which will give projects the financial support they need and attract private investment.
The new Regulated Asset Base model will see projects receive a regulated payment from electricity suppliers, helping these large infrastructure projects come to fruition.
The Sizewell C project could be the first nuclear project to use this model.