Herbert Smith Freehills Kramer advises La Caisse on investment in Sizewell 'C' nuclear project

Global law firm Herbert Smith Freehills Kramer has advised global investment group La Caisse (Caisse de dépôt et placement du Québec / CDPQ) on its investment in Sizewell 'C'. 

Sizewell 'C' is a landmark new 3.2GW nuclear power station under construction on the Suffolk coast, England, featuring European Pressurised Reactor units. It is one of the most significant energy transition projects undertaken in the UK. The project is structured under the UK government’s Regulated Asset Base model, which is used to fund large-scale projects by providing investor predictability and long-term value for consumers.

La Caisse will hold a 20% stake in Sizewell 'C', making it the second largest shareholder in the project after the UK government (44.9%). The other investors in the project are Centrica (15%), EDF (12.5%) and Amber Infrastructure (7.6%). 

La Caisse's investment will leverage its proven track record in delivering large scale infrastructure projects globally and support the UK’s transition to clean power and progress to net zero. Once complete, Sizewell 'C' will provide over 60 years of clean, reliable power to the UK grid, helping to boost the UK’s economy, strengthen energy security and help reduce reliance on hydrocarbon sources, avoiding nine million tonnes of carbon emissions annually.

The Herbert Smith Freehills Kramer team was led by global co-head of Infrastructure Gavin Williams, supported by partners Silke Goldberg, Emma Stones and Steven Dalton, of counsels Rowena van de Grampel and Paul Butcher and senior associate Arijeet Mukherjee. The La Caisse legal team was led by managing director and head of Legal for Europe and APAC, Alexander Chmel, supported by director Si Xuan Cai and consultant George Clarke.

Global co-head of Infrastructure Gavin Williams commented: "La Caisse's investment in Sizewell 'C' marks a new era of nuclear generation financed by private capital. This investment will make a significant contribution to the UK's transition to net zero and future energy security. It has been an absolute privilege for our team to have advised La Caisse on this landmark transaction."