Sizewell C reaches Financial Close, with £5 Billion export credit backed debt raise and strong investment grade credit rating

By Comms Team | Published on 4 November 2025 | 6 min read

Sizewell C, the first new nuclear project globally to be financed with independent, private financial investors, has today reached Financial Close.

Following the successful conclusion of the equity raise and Sizewell C’s Final Investment Decision in July 2025, the company has confirmed the £5 billion of debt raised through the BpifranceAE export credit facility as well as a £500 million Working Capital Facility, both sitting alongside the National Wealth Fund’s term loan. 13 banks have supported the £5 billion debt raise and a subset of these are providing the Working Capital Facility, demonstrating the depth of support for Sizewell C’s pioneering financing model.

Sizewell C is the first nuclear power project to be financed using the UK’s Regulated Asset Base (RAB) model. The debt facility has been 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 £5 billion BpifranceAE debt facility has further refinancing support from Sfil and is a green loan in accordance 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.

This landmark moment sees funding for the project beginning to flow, unlocking full-scale construction of the Suffolk-based plant, which, once operational, could create savings of £2 billion a year across the future low-carbon electricity system – leading to cheaper power for consumers.

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 project will provide a huge boost to the British economy and its energy security, delivering:

  • Home-grown clean energy that will supply up to 6 million homes for at least 60 years.
  • Over 10,000 high skilled British jobs, with thousands more in the supply chain and the creation of 1,500 apprenticeships, leaving a skills legacy that is exportable.
  • Opportunity across the country with over 70% of contract value awarded to British businesses.

The use of the RAB model for Sizewell C, proven in over £200 billion of infrastructure projects like 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 £30 billion, compared to other models, as a result of lower financing costs.

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.

Sizewell C’s 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.”

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 n