Addleshaw Goddard Advised the UK National Wealth Fund On Debt Financing Of The Sizewell C Nuclear Power Project

Addleshaw Goddard Advised the UK National Wealth Fund on Debt Financing of the Sizewell C Nuclear Power Project

The leading international law firm Addleshaw Goddard has advised the UK National Wealth Fund (NWF), as lender, on the debt financing of the Sizewell C nuclear power station. The commercial close, announced this week, will see the NWF — which is government-owned but independently operated — provide debt financing of up to £36.55 billion for the project.

In addition to the debt to be provided by the NWF, the UK Government will hold a majority shareholding in Sizewell C, alongside fellow investors Centrica, Amber Infrastructure Group, La Caisse, and French energy group EDF.

Addleshaw Goddard advised NWF on all aspects of the debt financing and provided broader legal support across a range of specialist disciplines, including competition, green finance, tax, construction, real estate, employment, pensions, and environmental law.

The Sizewell C nuclear project is a cornerstone of the UK’s efforts to transition to a clean power system and achieve its net zero ambitions. It is expected to support thousands of jobs and strengthen the country’s energy security. Once completed, the two-unit 3.2 Gigawatt power station will generate enough electricity to power six million homes.

Rory Connor, Partner and co-head of Addleshaw Goddard’s global Power sector team, said,

The Addleshaw Goddard team was led by Rory Connor (Partner and Co-Head, Global Power Sector) and Richard Goodfellow, with support from Sara Gilmore, Bruce Chen, William Morrison, Al Mangan, Mark Crane (Competition), Lee Shankland-Gort, Geoff McGinley (ESRG and Green Finance), Andy Bates (BSR), Zoe Fatchen (Tax), Alex Hirom (Construction), Josh Dye, Kayode Adeniran, Karen Rowe, Sophie Hiley, Caitlin Biggs, Jordan Cleary, Opeyemi Atawoa, Anna Ai (IPE), Ian Barker (Real Estate), Alice Herbert, Kieran Fano (Construction), Charlotte Scrivens (Environmental), Rebecca Kitson (Employment), and Catherine McAllister (Pensions).

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