SZC becomes the first power plant to be funded by the UK’s Regulated Asset Based (RAB) model and is a debt raised financing of £5 billion.
Due to the company’s robust financial structure and being able to replicate the process at Hinkley Point C, the project was able to prove it could reduce cost & timelines hence gaining strong credit ratings from multiple agencies.
Once the site is operational it could create savings of £2 billion per year, leading to cheaper prices for consumers and utilising a low-carbon electricity system.
The project should lead to over 10,000 skilled, British job opportunities with thousands more within the supply chain and creating ~ 1,500 apprenticeships.
Importantly, SZC will supply 6 million homes with home-grown clean energy for 60 years+. The British economy is set to see a huge boost and an increase in energy security.
Sizewell C’s Joint-Managing Directors, Julia Pyke and Nigel Cann, said:
“Sizewell C is a transformative project for Britain’s energy future, delivering reliable low-carbon power, tens of thousands of jobs, and a major boost to the UK economy.”
“In Sizewell C the UK has pioneered a model for financing new build nuclear which works for both consumers and private investors and has attracted considerable interest from other countries with nuclear power development plans.”
Picture: SZC