London, 4 November 2025 - Amber Infrastructure Group (‘Amber’), part of Boyd Watterson Global Asset Management Group LLC, is pleased to announce that it has reached financial close on Sizewell C, the UK’s latest nuclear power station construction project (‘the Project’). Amber is acting in its capacity as the investment adviser to International Public Partnerships Limited (‘INPP’) and investment manager to the Nuclear Liabilities Fund (‘NLF’) on the Project.
Amber’s involvement in Sizewell C demonstrates a capability to structure and manage complex, large-scale greenfield energy infrastructure on behalf of long-term investors. Amber will manage a 7.6% shareholding on behalf of INPP and NLF, allowing it to exercise direct governance influence on the Project’s holding company board. From Financial Close, Amber holds a call option over an additional 2.4% or c.£200 million from the UK Government for 24 months, which would bring Amber-managed capital to a 10% shareholding.
Sizewell C, which is the first nuclear project to be procured under the Regulated Asset Base (‘RAB’) model, will be developed alongside the UK Government, EDF, Centrica, La Caisse, INPP and NLF. The Project will use proven European Pressurised Reactor (‘EPR’) technology and benefit from a mature supply chain and as-built designs established through Hinkley Point C. The Project will also contribute significantly to UK net-zero 2050 goals by providing long-term, stable, low-carbon power.
The financial close marks the revenue commencement for investors in the Project, delivering regulated, inflation-linked returns from the first day of investment. Under the RAB model, investors in Sizewell C benefit from a fixed, regulated equity return through the construction and early operations phase forecast to be in the late 2030s and early 2040s respectively, and an annual cash yield. Returns are not exposed to wholesale power price fluctuations and are underpinned by a Government Support Package, which provides protection in the event of cost overruns or construction delays and ring-fences nuclear-specific risks.
Amber has advised INPP and worked with NLF throughout the development of the Sizewell C investment, building on its long-standing collaboration with the UK Government and Ofgem to evolve the RAB framework to accommodate complex, large-scale energy infrastructure. The Sizewell C financing structure has largely been adapted from Tideway, the 25km ‘super sewer’ developed by Amber. It is therefore building on the successful, consumer-value-driven model to the nuclear sector for the first time.
Once operational, Sizewell C is expected to generate c.3.2GW of low-carbon baseload electricity which is equivalent to around 7% of the UK’s forecast electricity needs for at least 60 years. The project will play a central role in the UK’s energy transition and security, creating 10,000 jobs at peak construction, thousands more in the supply chain, and over 1,000 permanent skilled positions once operational.
