Freshfields Bruckhaus Deringer (‘Freshfields’) has advised EDF and the holding company of Sizewell C on the UK government’s £679m investment in the development of the Sizewell C nuclear power project in Suffolk and on China General Nuclear Power Corporation’s exit from the project.
The UK government’s investment will see it become a 50% shareholder in the project alongside EDF, the project’s majority shareholder and lead developer to date, and represents a major step under its British Energy Security Strategy. When a final investment decision is taken, the two EPR reactors at Sizewell C are expected to provide six million homes with low-carbon baseload electricity for around 60 years.
The Freshfields team is being led by specialist nuclear partner Vanessa Jakovich and global transactions partner Alon Gordon, alongside partners Edward Cole and Richard Thexton and associates Samuel Naylor, Eleanor Storey and Hannah Smith.
Commenting on today’s announcement, Vanessa Jakovich said: “This is a very significant milestone for both the Sizewell C project and the nuclear industry, and represents an important step towards achieving the UK’s energy security and our Net Zero ambitions. Freshfields have been privileged to play a role and look forward to supporting EDF through the next stages of the project.”
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