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

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 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.”

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, said:

“Reaching financial close on Sizewell C is an important milestone, and La Caisse is proud to be an active partner alongside the UK Government and other like-minded investors as the project moves into full-scale construction.”

“The successful equity and debt raise as well as the strong investment-grade credit ratings underscore the project’s solid foundations and innovative financing model.”

“Together, we are enabling a landmark development that will deliver clean energy and create lasting economic benefits for the UK.”

Chris O’Shea, Group Chief Executive, Centrica, said:

“Investing in Sizewell C means investing in Britain’s energy security, economic prosperity, and net-zero ambitions. This project will provide the dependable, low-carbon energy our country needs for a secure future, while creating thousands of skilled jobs and driving economic growth. We are proud to partner with the Government and fellow investors as we work together to build a resilient, sustainable energy system—one that will benefit our customers, communities, and the nation for generations to come.”

Simone Rossi, Chief Executive, EDF UK, said:

“EDF is proud to participate in this project that will supply low-carbon electricity to the UK and benefit from the experience of Hinkley Point C EPR. 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.”

Gavin Tait, Chief Executive Officer, Amber Infrastructure Group, a Boyd Watterson Global Company, Investment Adviser to International Public Partnerships Limited, said:

“Financial close on Sizewell C marks the culmination of years of collaboration for INPP notably with Sizewell C and the UK Government to adapt the RAB model for large-scale energy infrastructure. INPP has supported the delivery of essential UK infrastructure since 2006, and Sizewell C is a landmark example of how long-term investors can work with government to enhance energy security, enable the transition to net zero, and generate lasting value for consumers.”

Further info

The thirteen banks involved in the £5 billion BpifranceAE debt facility were:

• ABN Amro Bank
• Banco Bilbao Vizcaya Argentaria (BBVA)
• Santander CIB
• BNP Paribas
• Crédit Agricole Corporate and Investment Bank
• CaixaBank
• Citibank
• Crédit Industriel et Commercial (CIC)
• HSBC Bank
• Lloyds Bank
• National Westminster Bank
• Natixis
• Societe Generale