Financing Nuclear Briefing Series: unlocking public–private partnerships at scale

As part of London Climate Action Week, King Lee, Head of Policy & Industry Engagement, World Nuclear Association together with Luke Nelson, Head of International Sustainability, JPMorganChase opened and welcomed senior leaders from finance, government, and industry at JPMorganChase for the latest session in its Financing Nuclear Briefing Series. The invite-only discussion focused on a central challenge for the global energy transition: how to translate government policies into investable opportunities at scale for the market.  

World Nuclear Association extends its sincere thanks to all panellists for their insights and leadership: 

• Rajesh Kedia, Director, UK National Wealth Fund 
• Sarmad Qureshi, Head of Finance and Investment, Great British Energy – Nuclear 
• Jostein Kristensen, Senior Advisor, Oxera 
• Suchi Sundaram, Infrastructure Finance and Advisory, JPMorganChase 
• Moderated by David Stearns, Senior Finance Advisor, World Nuclear Association 

Nuclear financing takes centre stage 

The session took place at a pivotal moment for the sector with recent series of momentous headlines indicating increasing government support to accelerate nuclear development. A growing coalition of countries and industry leaders is aligning behind ambitions to at least triple nuclear capacity by 2050, which is sending catalytic signals to the market of the essential value nuclear provides in delivering clean, reliable and secure energy systems. 

Against this backdrop, panellists explored how public–private partnerships are evolving across the nuclear value chain, with large-scale reactor projects and emerging small modular reactor (SMR) programmes. 

Bridging the gap between capital and projects 

A consistent message throughout the discussion was that, there is significant investor interest, but unlocking capital at scale depends on meeting clear expectations around bankability, risk allocation, and replicability. 

The discussion explored the following three critical factors: 

• clearly defined and appropriately allocated risks across stakeholders 
• long-term revenue certainty to underpin investment decisions 
• financing structures that can move beyond bespoke transactions to repeatable models 

Government support remains essential - particularly during early-stage development and construction, but panellists emphasised the importance of frameworks that gradually enable greater private sector participation over time. 

The UK as a test case 

The UK experience featured prominently in the discussion as an example of innovation in nuclear financing. Public Institutional structures such as Great British Energy–Nuclear and the National Wealth Fund are playing an active role in accompanying market actors to crowd in private investment and shaping risk-sharing approaches. 

However, while progress has been significant, panellists noted that the next step will be critical: translating individual transactions into scalable, repeatable programmes - both domestically and across international markets. 

Large-scale reactors and SMRs: diverse pathways 

The discussion also highlighted an emerging distinction between financing approaches for different technologies: 

• Large-scale reactors largely remain government-led, reflecting their scale and complexity 
• SMRs are opening developer-driven approaches, creating new opportunities for earlier private sector involvement 

These multiple pathways are shaping both risk allocation and the evolution of financing models across the sector. 

From projects to programmes 

A key takeaway was the need to move beyond individual bespoke projects toward a pipeline of repeatable investments capable of delivering at scale. 

Panellists identified several enablers of this transition: 

• standardised financing and contractual frameworks 
• stronger alignment between governments, developers, and investors 
• greater delivery certainty with expansion of supply chain capability 

Advancing global dialogue 

The Financing Nuclear Briefing Series continues to provide a platform for senior stakeholders to exchange insights on the challenges and opportunities shaping nuclear investment. 

The discussion also reinforced the Association’s wider work to support investment readiness across the sector, including the forthcoming Nuclear Investment Guide, which will offer practical insights for financial institutions and policymakers seeking to engage in the nuclear market. 

Join the discussion and attend the World Nuclear Symposium, featuring the Finance Summit – 9-11 September in London. From innovative financing models and technology alliances to new customer relationships and delivery partnerships, accelerating the nuclear capacity the world needs will depend on forming deep partnerships and cooperation across boundaries. 

With over five decades of history, Symposium is the unique, global gathering that strengthens connections and fosters collaboration for everyone with a stake in the future of nuclear energy.