The partners have also signed heads of terms to establish a joint venture to develop the SMR scheme under the Government’s Advanced Nuclear Framework, which is designed to accelerate advanced nuclear projects backed by private investment.

The proposed development would see the former coal plant site repurposed for nuclear generation, with four of Holtec’s SMR-300 reactors capable of producing around 1.3GW of electricity.

The scheme represents one of the most advanced privately-led SMR proposals in Britain and aims to exploit Cottam’s existing grid connections and industrial infrastructure.

Holtec said the project could also trigger a significant expansion of its UK operations, with the US firm evaluating plans for a manufacturing facility to produce nuclear equipment domestically.

The Nottinghamshire project would become the second deployment of Holtec’s SMR-300 design. The first-of-a-kind twin Pioneer reactors are currently progressing through licensing in Michigan, with Cottam planned as a second-of-a-kind project intended to benefit from lessons learned in the US.

The proposal follows completion of the UK Generic Design Assessment process for the SMR-300, which established the reactor’s fundamental safety, security and environmental credentials.

EDF UK chief executive Simone Rossi said: “We are delighted to be working with Holtec International on the development of small modular reactors in the UK. The Cottam project supports the UK government’s ambition to expand nuclear capacity and will facilitate significant re-development of a region that has given so much to the UK through its coal heritage.”

Dr Rick Springman, president of Holtec International, said the proposal marked “an important milestone for the project and for advanced nuclear energy in Great Britain”.