TIDMRR.
RNS Number : 1190W
Rolls-Royce Holdings plc
20 December 2021
Rolls-Royce plc, Qatar Investment Authority, Announce Agreement
to Invest in New Low Carbon Nuclear Power Business
20 December 2021, London and Doha: Rolls-Royce Group has reached
agreement with Qatar Investment Authority (QIA), the sovereign
wealth fund of the State of Qatar, to invest GBP 85 million in
Rolls-Royce SMR Limited (Rolls-Royce SMR).
Rolls-Royce SMR is building a new technology solution to deliver
affordable, low carbon, nuclear power. A single power station will
occupy around one tenth of the size of a conventional nuclear
generation site and power approximately one million homes.
QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon
Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10%
share of the equity.
Mr Mansoor bin Ebrahim Al-Mahmoud, Chief Executive Officer of
QIA commented: "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."
Warren East, CEO, Rolls-Royce Group, said: "I am tremendously
pleased to announce that we have further strengthened our
relationship with Qatar, through QIA's investment in the
Rolls-Royce SMR business. 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."
Business and Energy Secretary Kwasi Kwarteng said: "This
investment is a clear vote of confidence in the UK's global
leadership in nuclear innovation and follows the GBP210 million of
government investment in the development in Small Modular
Reactors.
"It represents a huge step forward in our plan to deploy more
home-grown, affordable clean energy - ensuring greater energy
independence for the UK, highly skilled jobs and bringing cheaper,
cleaner electricity to people's homes."
Minister for Investment, Lord Grimstone, said: "Although the
COP26 Summit ended last month, the work to reach Net Zero and build
back greener from the pandemic goes on.
"Investment will play an important role in this. By investing
millions into innovative green tech, like Small Modular Reactors,
not only are we working hard to end our contribution to climate
change, but we are securing thousands of highly-skilled jobs."
The Rolls-Royce SMR business is now fully funded, having secured
GBP490 million through commercial equity and UK Research and
Innovation (UKRI) grant funding. The development of SMRs is a core
part of the UK Government's 10-point plan for a green industrial
revolution.
-end-
About QIA
Qatar Investment Authority ("QIA") is the sovereign wealth fund
of the State of Qatar. QIA was founded in 2005 to invest and manage
the state reserve funds. QIA is among the largest and most active
sovereign wealth funds globally. QIA invests across a wide range of
asset classes and regions as well as in partnership with leading
institutions around the world to build a global and diversified
investment portfolio with a long-term perspective that can deliver
sustainable returns and contribute to the prosperity of the State
of Qatar.
Contact
Qatar Investment Authority
media@qia.qa
About Rolls Royce SMR Ltd
Rolls-Royce SMR Ltd was established in 2021 to deliver clean
affordable energy for all. The business is capitalised by
Rolls-Royce Group, BNF Resources UK Limited, Exelon Generation Ltd
and through UK Research and Innovation (UKRI) grant funding.
Rolls-Royce SMR will design and deliver a turn-key, low-cost
nuclear solution utilising factory built modularisation
solutions.
Contact:
Rolls-Royce SMR Ltd
Alastair Evans
Director of Corporate and Government Affairs
0044 (0) 7553 207 591
0044 (0) 7595 003 158
alastair.evans@rolls-royce.com
Rolls-Royce Group
Isabel Green
Head of Investor Relations
0044 (0) 7880160976
Isabel.Green@Rolls-Royce.com
Notes to Editors
Rolls-Royce has been a nuclear reactor plant designer since the
start of the UK nuclear submarine programme in the 1950s.
Rolls-Royce SMR will draw upon standard nuclear energy
technology that has been used in 400 reactors around the world.
A Rolls-Royce SMR power station will have the capacity to
generate 470mw of low carbon energy, equivalent to more than 150
onshore wind turbines. It will provide consistent baseload
generation for at least 60 years, helping to support the roll out
of renewable generation, helping to overcome intermittency.
Rolls-Royce was advised on the equity raise process by Eversheds
Sutherland and HSBC
When fully operational the Rolls-Royce SMR business is forecast
to create 40,000 regional UK jobs by 2050 and generate GBP52bn in
economic benefit.
Rolls-Royce Group will ultimately own approximately 70% of
Rolls-Royce SMR business
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END
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