Sizewell C has reached financial close with a £5bn funding deal from 13 banks, paving the way for full-scale construction.

While preliminary works are under way at the site in Suffolk, the financial deal unlocks full-scale construction of the nuclear plant, which is expected to cost around £38bn and deliver clean power for the equivalent of six million homes.

Sizewell C will deliver electricity system savings of £2bn a year on average once operational, with the project being built for around 20% less than Hinkley Point C - demonstrating the value of building a virtual replica project. It will also create around 10,000 jobs.

Following the successful conclusion of the equity raise and Sizewell c’s final investment decision in July 2025, the company has confirmed the £5bn of debt raised through the BpifranceAE export credit facility as well as a £500m working capital facility, both sitting alongside the National Wealth Fund’s term loan.

Thirteen banks have supported the £5bn debt raise and a subset of these are providing the working capital facility, which Sizewell C says demonstrates the “depth of support” for its financing model.

Sizewell C is the first nuclear power project to be financed using the UK’s Regulated Asset Base (RAB) model.

The use of the RAB model for Sizewell C, proven 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 says its 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.

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.

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, added: “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.”

The 13 banks involved in the £5bn BpifranceAE debt facility are:

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