Energy Act 2023

320 Financial 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—

  (a)

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

  (b)

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