EDF has announced financial closing of the Sizewell C nuclear project, marking a crucial milestone in its development. The announcement comes following years of planning and development, with the final investment decision made in July.
The project involves the construction of two EPR nuclear reactors at the Sizewell site in Suffolk, designed to replicate the Hinkley Point C project led by EDF. EDF will invest up to £1.1 billion during the construction period and hold a 12.5% stake in the project. Other key stakeholders include the UK government with 44.9%, La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with 7.6%.
EDF will not make new cash investments at financial close because it will be reimbursed for development costs incurred since 2015 and compensated for transferring expertise gained from the Hinkley Point C project, which Sizewell C benefits from. The project has secured £5 billion in export credit financing guaranteed by BpifranceAE, along with debt financing from the National Wealth Fund.
The Sizewell C project aims to provide the UK with new carbon-free electricity generation capacity, delivering competitive long-term power for six million households.
EDF will contribute as a supplier of engineering studies (through EDF/Edvance), key nuclear components such as the main primary circuit (via Framatome), and the turbo-alternator unit for the conventional island (through Arabelle Solutions). This initiative will also support the French nuclear industry, involving about forty French suppliers, helping preserve skills, capitalise on collective experience, and achieve economies of scale for France’s EPR2 program.
