The new funding announcement comes just days after the launch of Great British Nuclear, setting the UK's commitment to developing new nuclear power.
The £170m will be used to prepare the Sizewell C site for future construction, procure key components from the project's supply chain, and expand its workforce.
At the peak of the construction work, Sizewell C would support 10,000 jobs nationwide, with supply chain plans for 70% of the value of construction contracts to go to UK businesses.
Sizewell C would provide reliable, low-carbon power to the equivalent of 6 million homes over 60 years – saving the UK as many as 9 million tonnes of CO2 emissions each year.
This follows the launch of a new body Great British Nuclear (GBN) to oversee the rapid expansion of nuclear power in the UK, which will help grow the economy, drive down bills and boost the country's energy security. GBN will support large-scale projects, such as Sizewell C and Hinkley Point C, as well as emerging nuclear technologies.
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These measures will also help attract potential private investment into new nuclear projects, alongside the government's introduction of the tried and tested RAB model for nuclear, and the inclusion of nuclear in the UK's green taxonomy, subject to consultation.
Energy Security Secretary Grant Shapps said: "Following the launch of Great British Nuclear, and our plans for a massive revival of nuclear power, I am proud to be demonstrating the government's commitment to the continued development of Sizewell C.
"Sizewell C represents the bridge between the ongoing construction of Hinkley Point C and our longer-term ambition to provide up to a quarter of the UK's electricity from homegrown nuclear energy by 2050.
"Our new nuclear fleet will provide clean, reliable, and abundant energy whilst driving down bills, boosting economic growth and ensure that the UK is never held to energy ransom by tyrants like Putin."
Nuclear and Networks Minister Andrew Bowie said: "With government support, our nuclear industry will play a critical role in supplying cleaner, home-grown energy, and boost our energy security by reducing our reliance on fossil fuels from abroad.
"The steps we're taking today will speed up the development of one of our biggest projects, Sizewell C, towards final approval, which would enable construction to start as soon as possible, supporting thousands of jobs for communities in Suffolk and across the country."
Like Hinkley Point C in Somerset, Sizewell C would comprise 2 reactors, generating a total of 3.2GW of electricity, equivalent to 7% of the UK's electricity needs.
This new nuclear power station would help deliver the government's ambition for up to 24GW of the UK's power to come from nuclear sources by 2050 – 4 times the current level.
In November 2022, the government established a £700 million investment scheme, to fund Sizewell C's continuing development so it can reach the point of a final investment decision. This funding announced today represents a permitted legacy subsidy modification to the investment scheme under the subsidy control rules.
