The UK government has officially signed off on a landmark multi-billion-pound investment in the Sizewell C nuclear power station.

Energy Secretary Ed Miliband confirmed the final investment decision today, paving the way for the construction of the plant, which will provide clean, homegrown electricity for the equivalent of six million homes and support 10,000 jobs at peak construction.

"It is time to do big things and build big projects in this country again—and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," said Miliband. "This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good."

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The Sizewell C project is projected to save the UK's electricity system £2 billion a year on average once operational and will supply power for at least six decades. The government has framed the deal as a key part of its 'Plan for Change', aimed at revitalising the economy and shielding households from volatile energy prices.

Once built, the project is expected to cost around 20% less than its near-identical predecessor, Hinkley Point C. Around 70% of construction value is expected to be awarded to UK businesses, with Sizewell C Ltd estimating participation from up to 3,500 domestic firms. Additionally, 1,500 apprenticeships will be created as part of the national supply chain effort.

The government will take a 44.9% stake in the project, becoming the largest equity shareholder. The other stakeholders include La Caisse (20%), Centrica (15%), Amber Infrastructure (7.6%), and French energy firm EDF (12.5%).

A proposed £5 billion debt guarantee from France’s export credit agency, Bpifrance Assurance Export, will back commercial loans for the project. Meanwhile, the UK's National Wealth Fund will provide the majority of the debt finance, marking its first-ever investment in nuclear energy.