A consortium led by billionaire industrialist Michał Sołowow has announced plans to build 14 small modular nuclear reactors (SMRs) on three sites across the UK, including the location of a former nuclear plant in Gloucestershire. The Polish entrepreneur and rally driver aims to deploy £35bn of private capital to roll out enough SMRs to power the equivalent of 8m UK homes for more than 60 years, or potentially support datacentre investments alongside Google.
Investment and Partners
Sołowow's nuclear development company, SGE, plans to invest between £2.2bn and £2.5bn in each 300 megawatt reactor, partnering with US manufacturer GE Vernova and Japanese industrial conglomerate Hitachi, which are responsible for the reactor design. The consortium, known as SGE SMR, hopes to secure three sites for the boiling water reactors (BWRs) by next year, along with a government support contract guaranteeing a competitive electricity price once generation starts in 2034.
The consortium has not disclosed all target sites or the operator, but the Guardian understands it has applied to use the Oldbury site in south Gloucestershire, which was earmarked for SMR development under the government's advanced nuclear framework.
Government Support and Competition
Sołowow praised the government's framework for creating "a clear path to market" in the UK, which he called "home to one of the world's most experienced nuclear workforces." He stated: "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."
The Labour government recently unveiled plans for a historic expansion in nuclear power, with Prime Minister Keir Starmer encouraging tech companies to collaborate on building SMRs to power energy-intensive AI datacentres. SGE's plans put it in competition with Rolls-Royce, which won a government competition earlier this year to generate power by 2032.
Financial Model and Datacentre Potential
SGE's joint venture agreement, signed in London, includes Google Cloud, which Sołowow hopes will invest up to £4.5bn in datacentres to utilise nuclear output. However, this is viewed as an accompanying proposal, not part of the current application. The consortium seeks a contract similar to Hinkley Point C's contracts for difference scheme, paying a fixed rate from energy bills once generation begins, avoiding the Sizewell C model where developers are paid during construction, risking higher costs for billpayers due to delays.
Tom Greatrex, chief executive of the nuclear industry association, said SGE's SMR plans show the government's nuclear framework "has really revived and spurred interest in privately led nuclear projects."
