British Energy yesterday opened the door to a private equity tie-up as it called for external investors to help to fund its anticipated investment in the UK’s £30 billion nuclear programme.

Bill Coley, chief executive, is understood to have spent several months approaching energy groups to raise funds for the construction of nuclear power stations. Yesterday he launched an open search to include private equity groups and infrastructure investment funds.

He said that British Energy, which generates about a fifth of the UK’s electricity, would be open to talk to a range of investment partners, from utility and energy generators to funds looking to invest capital in the development of new projects.

However, he said the group had no preferences at this stage: “We’re open to any and all relationships.”

The industry is awaiting an Energy White Paper from Alistair Darling, the Trade and Industry Secretary, due out next month, which should give further details on who will be liable for decommissioning of new facilities and other plans for the nuclear industry.

EDF, E.ON, Iberdrola and RWE, the European utilities groups, and Areva, the French nuclear group, are all thought to be interested in entering the UK nuclear market, although it remains unclear whether they would wish to do so with British Energy or separately.

City sources claimed that private equity groups were likely to be interested in joining a consortium rather than partnering alone.

Increased nuclear capacity is crucial to the UK’s energy requirements, as existing facilities are decommissioned and as economic growth fuels demand for electricity.

Most of the UK’s nuclear facilities are due to be decommissioned over the next two decades. In addition the UK faces a drop-off in supply from coal-fired power stations.

Yesterday’s move will throw further doubt on the Government’s ability to offload its 65 per cent stake in the energy group, as potential purchasers could instead choose to partner the company.

Mr Coley said that the company should prove attractive to potential partners because of its pool of experienced workers and knowledge of the regulatory system in the UK.

He said the company also had sites that could be suitable for a new nuclear facility. He refused to rule out the possibility that the group would return to previously drawn-up plans to expand its Sizewell site with a third reactor - Sizewell C.

Mr Coley’s invitation to partners came as the group reported net profits of £360 million in the nine months to December 31, up from £173 million the year before.

Times Recommends

• Equitable Life halts £7bn sale on market turmoil
• Potential buyers emerge to save Woolworths staff
• Terrorist attacks close Bombay Stock Exchange