The England-based Sizewell C nuclear power project has secured £5bn ($6.56bn) in a debt facility that paves the way for full-scale construction of the plant.
When operational, the plant is expected to contribute towards annual savings of £2bn for the overall low-carbon electricity system, which may result in lower electricity costs for consumers.
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The financial close is said make Sizewell C the first nuclear power project worldwide to secure funding with backing from private, independent financial investors.
This follows completion of the project’s equity raise and the company’s final investment decision in July 2025.
The debt facility was arranged after Sizewell C received investment-grade credit ratings from Moody’s, S&P, and Fitch.
These ratings were given due to factors such as the project’s financial structure and its ability to use experience and processes learned from Hinkley Point C to help control costs and manage risk.
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By GlobalDataThe company confirmed it had raised the debt through the BpifranceAE export credit facility and secured a £500m working capital facility, together with a term loan from the National Wealth Fund.
In total, 13 banks participated in the primary debt facility, underscoring support for the project’s financing structure, which relies on the UK’s Regulated Asset Base (RAB) model.
Major investors in the scheme include the UK government, Centrica, La Caisse, EDF, and funds managed by Amber Infrastructure Group.
Furthermore, the BpifranceAE loan includes additional refinancing support from Sfil and is structured as a green loan following Sizewell C’s green finance framework.
S&P Global Ratings has assigned this facility a ‘Medium Green’ rating for sustainable finance practices following its independent assessment.
The RAB model utilised for this project is designed to attract private finance by enabling regulated revenues during construction.
According to government estimates, applying this model could save up to £30bn for consumers compared to traditional financing approaches, referencing outcomes from other large UK-based infrastructure projects.
Sizewell C joint managing directors Julia Pyke and Nigel Cann said: “Sizewell C is a transformative project for Britain’s energy future, delivering reliable low-carbon power, tens of thousands of jobs, and a major boost to the UK economy.
“In Sizewell C the UK has pioneered a model for financing new-build nuclear which works for both consumers and private investors and has attracted considerable interest from other countries with nuclear power development plans.”
The project plans to supply electricity to up to six million homes for at least six decades once operational.
Over 10,000 jobs are forecast during construction, with further roles in the supply chain and an apprenticeship programme targeting 1,500 positions.
More than 70% of contract value is allocated to UK businesses.
UK Energy Secretary Ed Miliband said: “By backing nuclear, we are creating thousands of high-quality jobs across the country, supporting British supply chains and keeping the lights on with homegrown energy for generations to come.”
Clifford Chance served as legal adviser on the deal.
Rothschild & Co acted as lead financial adviser on equity, debt, and credit ratings matters, with BNP Paribas serving as joint debt financial adviser on the capital raise.
HSBC coordinated with French authorities and managed green loan matters on the export credit-backed facility while Santander CIB acted as documentation coordinator.
