Sizewell C secures £5.5 billion financing, paving way for full-scale construction

The Sizewell C nuclear power project in Suffolk has officially reached financial close, unlocking full-scale construction of the UK’s first privately financed nuclear station under the Regulated Asset Base (RAB) model. The achievement follows a £5.5 billion debt raise involving 13 international banks and marks the first time a new nuclear project has attracted private investment on this scale. The model, already proven in large infrastructure projects such as Heathrow Terminal 5 and the Thames Tideway Tunnel, allows regulated revenues during construction, significantly reducing financing costs and lowering future consumer bills.

The £38 billion project, featuring two EPR reactors generating 3.2 GW of electricity, will supply low-carbon power to around six million homes for at least 60 years. Backed by the UK Government, EDF, Centrica, La Caisse, and Amber Infrastructure, Sizewell C stands as the first British-majority-owned nuclear project in decades. The financing package includes a £5 billion export credit facility from BpifranceAE, classified as a green loan under Sizewell C’s sustainability framework and a £500 million working capital facility. Strong investment-grade ratings from Moody’s, S&P, and Fitch highlight the project’s financial credibility and replication benefits from Hinkley Point C.

With financing secured, the Civil Works Alliance, comprising Sizewell C, Balfour Beatty, Laing O’Rourke, and Bouygues Travaux Publics will advance into full construction. The alliance will deliver major civil, marine, earthworks, tunnelling, and ancillary works, employing over 10,000 people and supporting 1,500 apprenticeships. Approximately 70% of the project’s contract value is expected to benefit UK businesses. Once operational, Sizewell C could generate annual savings of up to £2 billion in electricity costs and contribute significantly to the UK’s net-zero energy strategy.