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EDF finalises Sizewell C funding with two major public loans

The UK’s Sizewell C project reaches a key milestone with a financing boost from EDF, including a loan guaranteed by Bpifrance and backing from the National Wealth Fund, with an estimated total cost of GBP38bn ($48.19bn).

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French electricity giant EDF has confirmed the closure of the financing for the Sizewell C nuclear project in the UK, marking a significant step towards the completion of two new EPR (European Pressurised Reactor) units. The deal includes a GBP5bn ($6.35bn) credit-export loan guaranteed by Bpifrance, the French public investment bank, and additional funding provided by the UK’s National Wealth Fund, for an undisclosed amount.

This financial structure complements earlier capital raises from institutional investors. It ensures the project’s financial stability, which now has an overall cost of GBP38bn ($48.19bn), according to the latest figures. EDF has stated that it will make no payments at this stage of the financing, due to the reimbursement of development costs incurred since 2015.

EDF’s Stake and Capital Composition

EDF clarified that its stake in Sizewell C will increase to 12.5%, with a maximum investment of GBP1.1bn ($1.4bn) during the construction phase. The remaining capital is split between the UK government at 44.9%, La Caisse de dépôt et placement du Québec at 20%, Centrica at 15%, and the British investment fund Amber Infrastructure at 7.6%.

The UK government gave the final investment decision for the project this summer, after multiple delays and ongoing cost revisions. The accumulated delays and rising costs led to a restructuring of the financing, which now relies on public funding to secure its viability.

Expected Impacts on the Nuclear Industry and Energy Supply

The two reactors at Sizewell C are expected to generate enough electricity to supply around 6 million homes in the UK, according to official estimates. This project is part of the national plan to replace the country’s coal-fired power plants, which have now been phased out. EDF also stated that about 40 French suppliers will be involved in the production and civil engineering work, although specific companies have not been named.

The company further emphasized that this industrial mobilization will help strengthen the technical skills of the French nuclear sector. EDF also sees Sizewell C as a project that will create economies of scale for the future construction of six EPR2 reactors planned for France.

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