Clifford Chance Advised Sizewell C Limited on Landmark Capital Raise
Global law firm Clifford Chance has advised Sizewell C Limited on all aspects of its equity capital raise for the UK’s next-generation nuclear project, which has now received its Final Investment Decision from the UK Government.
The decision unlocks the UK’s largest investment in clean, homegrown energy, with Sizewell C set to supply electricity to six million homes for at least 60 years and 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 collectively hold 55.1% of Sizewell C, while the UK Government retains 44.9%.
A multi-disciplinary Clifford Chance team advised on all aspects of the transaction, including the revenue model and government support package, equity capital raise and debt financing, supply chain, antitrust/regulatory, and decommissioning arrangements.
The Clifford Chance team was led by partners John Wilkins, head of the firm’s Global Nuclear Group, and Praveen Jagadish, with crucial support from partners Ed Bretherton, Nic Cookson, Olivia Higgs, and Jemma Dick, senior lawyers Keith Hauck, Joseph Woodworth, 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 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 said,
“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 reasserts the UK’s credentials as a market for big projects and innovative delivery models.”
Julia Pyke, Joint Managing Director of Sizewell C, said,
“John, Praveen, and the entire Clifford Chance team have been right by our side throughout the long journey to a successful Final Investment Decision. We couldn’t have achieved this significant milestone without their first-class advice and tireless efforts to get the transaction over the line.”
This milestone reinforces Clifford Chance’s position as a market leader in the nuclear energy space, with the firm also advising the French State on its new nuclear program and several large-scale and SMR developments globally.
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