Part 14Civil nuclear sector

Chapter 4Great British Nuclear

Financial assistance and directions etc

I1320Financial assistance

1

The Secretary of State may provide financial assistance—

a

to Great British Nuclear, or

b

to any other person to facilitate the design, construction, commissioning and operation of nuclear energy generation projects.

2

Financial assistance under this section may be provided in any form and in particular may be provided—

a

by way of grant, loan, guarantee or indemnity,

b

by the acquisition of shares or any other interest in, or securities of, a body corporate,

c

by the acquisition of any undertaking or of any assets,

d

pursuant to a contract, or

e

by incurring expenditure for the benefit of the person assisted.

3

Financial assistance under this section may be provided subject to such conditions as the Secretary of State considers appropriate, which may include—

a

conditions about repayment with or without interest or other return, or

b

conditions with which Great British Nuclear or any recipient of financial assistance under subsection (1)(b) must comply if the financial assistance is used for—

i

acquiring shares or any other interest in, or securities of, a body corporate, or

ii

participating in a partnership or joint venture.

4

The power to provide financial assistance under this section is in addition to (and does not limit or replace) any other power of a Minister of the Crown to provide financial assistance.

5

In this section—

  • “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975 (see section 8(1) of that Act);

  • “partnership” means—

    1. a

      a partnership within the meaning of the Partnership Act 1890, or

    2. b

      a limited partnership within the meaning of the Limited Partnerships Act 1907.