Freshfields advises EDF on completion of £38bn Sizewell C capital raise and launch of RAB revenue arrangement

Freshfields advised the EDF group on the completion of the Sizewell C nuclear project capital raise and the commencement of its Regulated Asset Base (RAB) revenue arrangement. The transaction saw Sizewell C complete a historic £38 billion capital raise and begin the first‑of‑its‑kind RAB revenue model. Under the project structure, EDF will retain a 12.5% equity stake and will act as a key supplier, with its affiliates providing nuclear technology, project engineering and turbines. The arrangement includes a formal collaboration with the Hinkley Point C project. Sizewell C is a 3.2 GW development that will deliver two EPR reactors adjacent to EDF’s existing Sizewell B power station in East Suffolk, replicating the design and supply chain established at Hinkley Point C. Together, Sizewell C and Hinkley Point C are expected to supply competitive, low‑carbon energy to about 12 million UK households for over 60 years and to support EDF’s French nuclear new‑build programme by realising fleet effects and economies of scale. Freshfields has supported EDF, the project’s original developer, on Sizewell C for more than four years, including advising on the UK Government’s 2022 investment and a wide range of governance, regulatory and commercial arrangements. Freshfields represented the EDF group with a team composed by: Vanessa Jakovich, energy and environment partner; Ed Cole, corporate partner; Jenny McIvor, infrastructure finance partner; senior associates Charlotte Aspin, Elizabeth Forster and Jessica O’Sullivan; and associates Marton Mohacsi and Peter Sacks, supported by a broader Freshfields team across multiple practice areas.

Freshfields advises EDF on completion of £38bn Sizewell C capital raise and launch of RAB revenue arrangement

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