State-owned EDF will invest "around GBP 1.1 billion ($1.5 billion) for a 12.5-percent participation", the French government said in a statement regarding the project, which is aimed at meeting Britain's net zero and energy security targets.
Prime Minister Keir Starmer said in a separate statement that the investment will help deliver "lower energy bills" and "better energy security" for Britain.
The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations.
While leaders welcomed the announcement, campaigners argue that EDF's stake shifts too much cost onto the UK.
Britain's government is the majority shareholder in Sizewell C after Chinese company CGN exited the project in 2022 and EDF reduced its stake.
Starmer's Labour government in June said it would invest GBP 14.2 billion in Sizewell C, which is being built in eastern England.
It's not expected to make its final investment decision until later in the summer, as it works on securing other private partners.
Other private investors could include British group Centrica and Canadian investment firm Brookfield Corporation, the Financial Times reported.
- 'New nuclear' -
Energy Secretary Ed Miliband said that "thousands of jobs and clean power for millions of homes are one step closer... as we welcome this investment into Sizewell C -- delivering a golden age of new nuclear".
He added that the "agreement is a landmark moment in the UK and France's long-standing partnership in civil nuclear".
The plant, which is set to cost GBP 20-30 billion to build according to current estimates, is not expected to start generating electricity until 2035.
Labour wants to increase nuclear power's share of the energy mix, as it does not emit carbon dioxide into the atmosphere.
The UK government has pledged by 2035 to reduce UK greenhouse gas emissions by 81 percent on 1990 levels, under plans to reach net-zero by 2050.
The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste.
The Sizewell C announcement has been met with anger by some local residents worried about the impact of the new plant on the local town of Leiston in Suffolk.
Together Against Sizewell C Chair, Jenny Kirtley, said the deal with EDF is "testament to this government's poor negotiating skills and its willingness to sacrifice UK consumers and taxpayers".
She added that it could lead to "higher electricity bills, project cost overruns and time delays."
Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035 -- and Sizewell A which is in the process of being decommissioned.
EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been blighted by delays and rising construction costs.
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