Construction will now ramp up on the two-reactor plant, which will supply low-carbon power to six million homes for at least 60 years.<\/p>\n
Over 10,000 people will work on the project, with 70% of contract value expected to go to UK businesses and 1,500 apprenticeships created.<\/p>\n
The RAB model allows regulated revenues during construction, cutting financing costs and consumer bills. Government estimates suggest it will save bill payers \u00a330bn over the project\u2019s life compared with traditional funding models.<\/p>\n
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Funding deal<\/h3>\n
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The National Wealth Fund will shoulder most of the project\u2019s debt finance, alongside backing from France\u2019s Bpifrance Assurance Export.<\/p>\n
The debt raise through the BpifranceAE export credit facility, is backed by 13 banks, alongside a \u00a3500m working capital facility.<\/p>\n
A separate equity raise in the summer saw the Government take a 44.9% stake, making it the single largest shareholder.<\/p>\n
Other backers include Centrica, which is investing \u00a31.3bn for a 15% share, alongside La Caisse (20%), EDF (12.5%) and Amber Infrastructure (7.6%). <\/p>\n
The total equity and debt finance made available exceeds the target construction cost to help safeguard taxpayers in case of overruns.<\/p>\n
Banks involved: ABN Amro Bank; Banco Bilbao Vizcaya Argentaria (BBVA); Santander CIB; BNP Paribas; Cr\u00e9dit Agricole Corporate and Investment Bank; CaixaBank; Citibank; Cr\u00e9dit Industriel et Commercial (CIC); HSBC Bank; Lloyds Bank; National Westminster Bank; Natixis; Societe Generale\n<\/p>\n<\/div>\n
from Construction Enquirer https:\/\/ift.tt\/3rc5J7l<\/p>\n","protected":false},"excerpt":{"rendered":"
Full-scale construction of the planned Sizewell C nuclear project can now proceed after a \u00a35.5bn debt raise with 13 banks completed the financial package for the \u00a338bn construction job. Sizewell C becomes the first nuclear project in the world financed through private investors under the UK\u2019s Regulated Asset Base model \u2014 the same structure used […]<\/p>\n","protected":false},"author":1,"featured_media":149,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-8858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/8858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=8858"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/8858\/revisions"}],"predecessor-version":[{"id":8859,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/8858\/revisions\/8859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/147"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=8858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=8858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=8858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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