Rolls-Royce

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Key facts

We advised Rolls-Royce plc into a landmark contract with Great British Energy – Nuclear (GBE-N), paving the way for the design and delivery of the first Small Modular Reactors (SMRs) in the UK.

First in the UK

to design and deliver Small Modular Reactors (SMRs)

£599mn

financing from the National Wealth Fund to support the development of Rolls‑Royce SMR’s programme

Three

Rolls‑Royce SMRs will be constructed in Ynys Môn/Anglesey, North Wales

Transaction overview

On 13 April 2026, Rolls‑Royce SMR signed a landmark contract with GBE‑N, paving the way for the design and delivery of the first small modular reactors in the UK.

At the same time, the National Wealth Fund announced up to £599mn of financing to support the development of Rolls‑Royce SMR’s SMR programme.

This followed the UK Prime Minister’s announcement in November 2025 that Wylfa (Ynys Môn/Anglesey, North Wales) had been selected as the site for the construction of three Rolls‑Royce SMRs.

Rolls‑Royce SMR had previously entered into an early works agreement with ČEZ Group, enabling site work to commence in Czechia to support delivery of up to 3GW of low‑carbon energy.

Rolls-Royce SMR is a joint venture between Rolls-Royce plc, ČEZ Group, Qatar Investment Authority and BNF Resources.

Rolls‑Royce SMR signed a landmark contract with GBE‑N, paving the way for the design and delivery of the first small modular reactors in the UK.

Strategic rationale

Enable site-specific design activity and preparations for the site build

Rolls-Royce SMR’s entry into the two-stage contract with GBE-N will enable site-specific design activity and preparations for the site build at Wylfa

Certainty to the UK SMR programmes

The contract brings certainty to the UK SMR programme and differentiates Rolls-Royce SMR as the only company with multiple commitments in Europe

What value did we bring?

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We advised Rolls-Royce plc on the interaction between the GBE‑N contract, the National Wealth Fund financing and the existing joint venture framework, helping to ensure appropriate alignment across contractual, financing and governance arrangements.

We worked with a range of stakeholders to agree changes to the Rolls-Royce SMR’s constitutional documentation and financing arrangements, reflecting its entry into the GBE‑N contract and the National Wealth Fund funding.

We continued to advise Rolls‑Royce plc across corporate, financing and tax matters, both in connection with this transaction and on wider considerations relating to the Rolls-Royce SMR joint venture.

We worked in close coordination with Rolls‑Royce plc’s internal team to respond proactively to developments arising in joint venture‑level negotiations.