Global law firm Freshfields has advised the EDF group on its involvement in the Sizewell C nuclear project, which has reached an historic milestone: completion of its £38bn capital raise and commencement of its first-of-a-kind Regulated Asset Base (RAB) revenue arrangement.

Freshfields has supported EDF, the project’s original developer, across all aspects of Sizewell C for over four years. This includes advising on the UK Government’s 2022 investment in the project, and a broad range of governance, regulatory and commercial arrangements. Going forward, EDF will hold a 12.5% equity stake and serve as a key supplier to the project, with its affiliates providing nuclear technology, project engineering and turbines, alongside a formal collaboration with Hinkley Point C.

The 3.2 GW Sizewell C project will see the construction of two EPR nuclear reactors alongside EDF’s existing Sizewell B power station in East Suffolk, and will replicate the design and supply chain of EDF’s Hinkley Point C project. Together, Sizewell C and Hinkley Point C will provide competitive, clean energy to 12 million UK households for over 60 years. The projects will also support EDF’s French nuclear new build programme, leveraging the benefits of the ‘fleet effect’ and economies of scale.

The Freshfields team is being led by energy and environment partner Vanessa Jakovich, alongside corporate partner Ed Cole and infrastructure finance partner Jenny McIvor. The core team comprised senior associates Charlotte Aspin, Elizabeth Forster and Jessica O’Sullivan, and associates Marton Mohacsi and Peter Sacks, as part of a much broader team of Freshfields lawyers across multiple practice areas, reflecting the scale and complexity of the project and the depth of the firm’s energy practice.

Commenting on this week’s announcement, Vanessa Jakovich said:

“I am immensely proud of our market-leading nuclear practice, and of the tenacity and collaboration of the EDF and Freshfields teams in helping Sizewell C to reach this important milestone. The Sizewell C investment model provides a new approach, allowing a broader scope of investors than ever to support delivery of the energy security and decarbonisation benefits of nuclear. We are excited about the future of the industry.”