Qatar joined Rolls-Royce in constructing small nuclear power plants capable of supplying low-carbon electricity to about 1 million households each on Monday.
The Qatar Investment Authority (QIA) stated it will spend £85 million ($112.2 million) for a 10 percent stake in the British government-backed project, joining previous owners Rolls-Royce, BNF Resources UK, and Exelon Generation.
Qatar, the world’s largest liquefied natural gas (LNG) producer, is investing in the energy transition and backing technology that enable low-carbon power generation, according to QIA Chief Executive Mansoor bin Ebrahim Al-Mahmoud.
Warren East, the CEO of Rolls-Royce, said that the business has obtained the necessary funds to launch its SMR (small modular reactors) segment.
Last month, the United Kingdom committed to invest £210 million in the project, with £195 million coming from Rolls-Royce and its partners, in an effort to achieve net zero carbon emissions and promote innovative technologies with export potential.
SMRs won’t be ready until the early 2030s, and all new nuclear power projects must be approved by the UK’s Office for Nuclear Regulation (ONR) and its Generic Design Assessment, which may take up to four years for major facilities.
Rolls-Royce stated it will eventually own around 70 percent of the unit.