Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to invest £85 million in Rolls-Royce SMR Limited. It QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10% share of the equity.
Mansoor bin Ebrahim Al-Mahmoud, chief executive of QIA said: “QIA is investing in the energy transition and funding the technologies that enable low carbon electricity generation. We will continue to seek out investments that align with our mandate to deliver long-term value for future generations through responsible sustainable investments.”
Warren East, chief executive of Rolls-Royce Group, said: “I am tremendously pleased to announce that we have further strengthened our relationship with Qatar, through QIA’s investment in the Rolls-Royce SMR business. We have successfully raised the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the business is now set up to succeed.”
Rolls-Royce said its SMR business is now ‘fully funded’, at £490 million, through commercial equity and UK Research and Innovation grant funding.
QIA was founded in 2005 to invest and manage the state reserve funds.