Clifford Chance

Clifford Chance advises Sizewell C Limited on all aspects of its capital raise

Global law firm Clifford Chance has advised Sizewell C Limited on all aspects of the equity capital raise for the new nuclear project which has now received its Final Investment Decision by the UK Government.

The decision unlocks the UK's biggest investment in clean, homegrown energy and, once online, Sizewell C will supply electricity to the equivalent of six million homes for at least 60 years and is to deliver electricity system savings of £2 billion a year on average once operational. The project will be delivered at a capital cost of around £38 billion (2024 prices).

Agreements have also been reached with Centrica, La Caisse, Électricité de France SA and Amber Infrastructure Group who will together own 55.1% of Sizewell C, with the UK Government holding the remaining 44.9%.

A multi-disciplinary Clifford Chance team acted on all aspects of the transaction, including the revenue model and government support package, equity capital raise and debt financing, supply chain, anti-trust / regulatory and decommissioning arrangements.

Clifford Chance's team was led by partners John Wilkins, head of the firm's Global Nuclear Group, and Praveen Jagadish. Crucial support was provided by partners Ed Bretherton, Nic Cookson, Olivia Higgs and Jemma Dick, senior lawyers Keith Hauck, Joseph Woodworth, Ingrid Booth, Anthony Santangeli, Katie Kempthorne, Alex Blake, Samiha Bham, Lucy Roberts, Will Martin, Sophie Stratton, Emma Clarke and Kirsten Hunt, and associates Jack Foley, Jasmin Sahota, Connie Maskell, Kirsty Jones, Lily Grant and Brianna Harcus.

John Wilkins commented: "We are delighted that Sizewell C has today been given its Final Investment Decision by the UK Government and, in a world first for the nuclear sector, brought in long term private capital and debt into the project using the Regulated Asset Base model. This follows on from our work advising the Belgian State on the emergency life extension of two nuclear plants and EDF on Hinkley Point C."

Praveen Jagadish commented: "This is a crucial milestone for our client who are well on their way to delivering the objective set by the UK Government when they made their initial investment in 2022. Today's outcome also underlines the renaissance of new build nuclear and a reassertion of the UK's credentials as a market for big projects and innovative approaches to delivering them."

This is the latest deal from the firm's market leading nuclear team. In addition to the Belgian and previous UK projects mentioned, Clifford Chance is also advising the French State on its new nuclear program involving the construction of 6 European Pressurised Reactors, and on several other large-scale and SMR developments globally.

Julia Pyke, Joint Managing Director of Sizewell C, commented:

"John, Praveen, and the entire Clifford Chance team, have been right by our side throughout the long journey to a successful Final Investment Decision and we couldn't have achieved this significant milestone without their first-class advice and tireless efforts to get the transaction over the line."