The UK’s Sizewell C NPP in Suffolk has achieved financial close. Following the conclusion of the equity raise and Sizewell C’s Final Investment Decision in July 2025, the company has confirmed the £5bn ($6.5bn) of debt raised through the French public sector investment bank BpifranceAE export credit facility as well as a £500m Working Capital Facility, as well as the National Wealth Fund’s term loan. The £5bn debt raise was supported by13 banks a subset of which are providing the Working Capital Facility.
Sizewell C is the first nuclear power project to be financed using the UK’s Regulated Asset Base (RAB) model. The debt facility was achieved following strong Investment Grade credit ratings from Moody’s, S&P and Fitch. Sizewell C achieved these ratings by demonstrating a range of strengths, including the company’s robust financial structure and the replication benefits from Hinkley Point C, which will reduce cost and risk.
The £5bn BpifranceAE debt facility has further refinancing support from Sfil and is a green loan in line with Sizewell C’s green financing framework. S&P Global Ratings has separately provided the facility with the second-highest rating, Medium Green, for green financing through its independent analysis of sustainable finance instruments.
The company, the first British-majority owned nuclear power station in decades, is backed by major investors including UK Government, La Caisse, Centrica, EDF and funds advised or managed by Amber Infrastructure Group, including International Public Partnerships and the Nuclear Liabilities Fund. The UK Government remains the project’s single largest investor. It has pledged more than £14bn of investment, including £500m from the National Wealth Fund. EDF is the product developer.
Following the financial close, UK energy company Centrica completed its acquisition of a 15% equity stake in the Sizewell C nuclear power project. The initial investment amounts to £376m, which includes funding for the RAB value accumulated before financial close and pre-funding a portion of 2026 construction costs. Centrica expects to invest between £500-600 million in total by the end of 2028, as part of its capped £1.3bn investment commitment.
Clifford Chance acted as legal adviser, Rothschild & Co acted as lead financial adviser across equity, debt and credit ratings, and BNP Paribas acted as joint debt financial adviser to Sizewell C on the capital raise. HSBC acted as French Authorities and Green Loan Coordinator, alongside Santander CIB as Documentation Coordinator on the £5 billion export credit backed facility.
The RAB model, used in more than £200bn of infrastructure projects such as Heathrow Terminal 5 and the Thames Tideway Tunnel, lowers financing costs by allowing regulated revenues during construction. Sizewell C’s financing model attracts private investment that would not otherwise be possible. Government estimates that using the RAB can save consumers £30bn, compared to other models, as a result of lower financing costs.
“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,” said Sizewell C’s Joint-Managing Directors, Julia Pyke and Nigel Cann,
UK Energy Secretary, Ed Miliband, said: “This is a major milestone in delivering our new golden age of nuclear, with private investment starting to flow into Sizewell C. 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.”
Simone Rossi, Chief Executive, EDF UK, said the success of the debt and equity raising for the financing of Sizewell C highlights the market confidence in nuclear technology for the energy transition.”
While project costs have grown from £20bn over the years, partly due to inflation, the UK Government maintains that it represents value for money, with £2bn of avoided annual electricity system costs predicted compared to renewables. Ministers have said that energy consumers will pay an average of around £1 extra per month over the duration of Sizewell C’s construction.
