Speaking to members of parliament, UK energy secretary Greg Clark said the government had offered a guaranteed minimum price for electricity of 75 pounds per megawatt hour to support the project, as well as being willing to take a one-third equity stake.

"We need a new approach to financing new projects," Clark said, adding that the government is exploring using a regulated asset-based model.

(Reporting by Nina Chestney and Susanna Twidale; editing by Jason Neely)