Untra Nuclear Power AB, a project company wholly owned by Blykalla, has today submitted an application for state support for investments in new nuclear power. The application covers a planned park of six to eight SEALER-55 units at Untra in Tierp Municipality, Uppsala County. At eight units the park would reach 440 MWe of installed capacity and an estimated annual output of 3.68 TWh. The application follows the application for governmental approval of the facility, submitted on 25 August 2026.
The Swedish financing model, in force since 1 August 2025, consists of three instruments: state loans, a contract for difference, and a risk and gain sharing mechanism. Concrete parameters such as interest rate, strike price and contract length are negotiated project by project and reviewed by the European Commission.
Blykalla has established Untra Nuclear Power AB as the licence holder and financing vehicle for the park, with strategic and financial investors expected to enter its ownership over time. Tierp is the second Blykalla park to enter the financing process, a step towards the fleet build-out on which the cost case for small modular reactors rests: cost per unit falls through repetition, not through scale in a single plant.
"The need for dispatchable power in this part of Sweden is significant and growing,” says Jacob Stedman, CEO of Blykalla. “Building small and modular means we can meet it close to where it arises, on sites that were not previously available for nuclear. It’s a step toward a more robust clean energy system."
Tierp sits in bidding zone SE3, where Sweden's electricity consumption is highest. Svenska kraftnät estimates the regional power deficit at peak demand hours at approximately 5.2 GW in a normal winter, rising to 6.2 GW in an extra cold winter. An eight unit park at Untra would cover 7 to 8 per cent of that peak hour deficit with firm, dispatchable power. The site lies approximately 9 kilometres from the new 400 kV connection point at Mehedeby, part of Svenska kraftnät's Uppsalapaketet, where construction runs to 2032 on a timeline that matches the project's own. Sweden has set an ambition of 2,500 MW of new nuclear capacity by 2035, and this park would represent approximately 18% of that goal.
Negotiations on the terms of state support begin once the Government Offices decide to proceed with the application. In parallel, Blykalla is preparing applications under the Environmental Code and the Nuclear Activities Act, and continues its demonstration programme in Oskarshamn and the United States. With an efficient review process, the first reactor at Untra can be in operation during the first half of the 2030s.
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