The Qatar Investment Authority has agreed to invest £85 million ($112 million) in a Rolls-Royce programme to develop mini nuclear reactors in Britain.
Under the agreement, Qatar’s sovereign wealth fund will take a 10% equity stake in Rolls-Royce Small Modular Reactor (SMR), majority-owned by the aerospace firm, which has been created to develop the “low-cost, low-carbon” nuclear power technology.
Last month, UK ministers announced that they would commit £210 million of grant funding to the company's led programme after the aero-engine maker said it had received £145 million of investment from two private sector backers while the British aerospace firm is putting in £50 million.
While Qatar's will be owning 10% stake, Exelon Generation and BNF Resources will own 20%, and the remaining 70% will be owned by Rolls-Royce.
It's worth noting that the British government has pledged to supporting small and large-scale nuclear plants as part of its efforts to create jobs and help fulfill future electricity demand.
