France secures €72.8B for six new nuclear reactors in landmark EDF deal
France has finalised funding for six new nuclear reactors in a deal between the government and EDF. The agreement secures €72.8 billion for the project, with most of the money coming from a state-backed loan. Construction will take place at two sites: Penly in Seine-Maritime and Gravelines in Nord.
The state will provide 60% of the total cost through a zero-interest loan from Caisse des Dépôts. This funding will draw on savings from Livret A accounts, a popular tax-free savings scheme in France. The remaining 40% will be covered by EDF and other investors.
Before the funds are released, the package must first gain approval from the European Commission. The notification process is now underway, and financing will only be confirmed once this step is complete. EDF has committed to sticking to the agreed timeline and budget for all six reactors. The company has also accepted recommendations from an audit carried out by the Interministerial Delegation for New Nuclear. These measures aim to ensure the project stays on track and meets regulatory standards. The reactors will be split between two locations. Penly will host two units, while Gravelines will accommodate the remaining four.
The deal marks a major step forward for France's nuclear expansion plans. With state funding secured and EDF's commitments in place, the focus now shifts to European Commission approval. Once cleared, construction can begin on the six reactors at Penly and Gravelines.
