THE construction of the Sizewell C nuclear power plant in Suffolk will cost about £38 billion, the government announced today as it struck a deal with a group of investors.

Energy Secretary Ed Miliband signed the final investment decision to give the development the green light, his department said.

The government will become the biggest equity shareholder with a 44.9 per cent stake, with the National Wealth Fund providing up to £36.6bn in loans.

New investors include Canadian fund La Caisse with 20 per cent, British Gas owner Centrica with 15 per cent and Amber Infrastructure with 7.6 per cent.

It follows EDF’s announcement earlier this month that it will take a 12.5 per cent stake, lower than previously expected.

The final deal secures funding for the long-delayed and controversial project, originally earmarked in 2010.

GMB national officer Charlotte Brumpton-Childs called it “fantastic news for UK jobs, economy and our nation’s energy security.”

But Together Against Sizewell C called the decision “a huge betrayal of future generations,” posting on X: “We are in a climate crisis that needs immediate action and this government has chosen to squander billions of public funds on Sizewell C.”