Core Insights - The Sizewell C nuclear power project has secured £5bn ($6.56bn) in debt financing, enabling full-scale construction and expected to save £2bn annually for the low-carbon electricity system, potentially lowering consumer electricity costs [1] Financing Structure - The debt facility was arranged following the project's equity raise and final investment decision in July 2025, with investment-grade credit ratings from Moody's, S&P, and Fitch due to its financial structure and risk management strategies learned from Hinkley Point C [2] - A total of 13 banks participated in the primary debt facility, highlighting strong support for the financing structure based on the UK's Regulated Asset Base (RAB) model, with major investors including the UK government, Centrica, La Caisse, EDF, and Amber Infrastructure Group [3] Green Financing - The BpifranceAE loan is structured as a green loan under Sizewell C's green finance framework, receiving a 'Medium Green' rating from S&P Global Ratings for sustainable finance practices [4] Economic Impact - Government estimates suggest that the RAB model could save consumers up to £30bn compared to traditional financing methods, based on outcomes from other large UK infrastructure projects, with Sizewell C expected to deliver reliable low-carbon power and create tens of thousands of jobs [5] - Sizewell C is seen as a pioneering financing model for new-build nuclear projects, attracting interest from other countries with nuclear development plans [6]

Sizewell C Investment Highlights - INPP consortium has been selected as the preferred bidder for the Sizewell C project, committing approximately £250 million in total equity for an approximate 3% equity shareholding[25] - The investment will be deployed over five years, with approximately £50 million invested annually[25] - The project utilizes an adaptation of the Regulated Asset Base (RAB) model, similar to the Tideway project, providing attractive, regulated, risk-adjusted returns[25, 29] - Enhanced investor protections are in place through a UK Government Support Package (GSP) and bespoke license arrangements from Ofgem, insulating INPP from sector-specific risks and construction overruns[25] Financial and Strategic Rationale - The investment is expected to provide a compelling combination of cash yield and capital growth, with comprehensive downside protections[31] - The project offers predictable inflation-linked cash flows regulated by Ofgem, underpinned by critical infrastructure[32] - The investment is expected to deliver a low-teen IRR (Internal Rate of Return) with a fixed rate of return during construction and early operations, with no regulatory reset until the late 2030s[32] - The investment supports INPP's progressive covered dividend policy and is expected to be accretive to key portfolio metrics[32] Capital Allocation and Governance - INPP's investment in Sizewell C aligns with its capital recycling strategy, reinvesting capital from lower-returning assets into higher-returning investments[45, 47] - Strong governance rights are secured through Amber's HoldCo Board directorship and conflict of interest protections regarding the UK Government's equity and debt interests[52] - The UK Government holds a 45% stake in the project[52]