DLA Piper advises c.GBP2 billion investment commitment into the Sizewell C Nuclear Project

DLA Piper has advised asset manager, Amber Infrastructure (Amber), the Investment Adviser to International Public Partnerships Limited (INPP), and global investment group, La Caisse (formerly CDPQ), on their commitment to invest in Sizewell C, the UK's 3.2GW nuclear power station being developed under the UK Government's Regulated Asset Base model. The plant is expected to have an operational life of 60 years and generate low carbon electricity to meet 7% of the UK's forecast electricity demand and enhance the UK's energy security.

La Caisse's investment of up to GBP1.7 billion will represent a 20% stake in the project, while Amber advised INPP, alongside an Amber-managed commitment by the Nuclear Liabilities Fund. Together, they will hold a 7.6% equity stake in the project at financial close. They will join the UK Government, EDF Energy and Centrica, which have significant interests in the project.

Amber, part of Boyd Watterson Global Asset Management Group LLC, currently holds approximately GBP5 billion in funds under management. It has closed over 175 investments in several sectors, including energy, transport, digital and demographic infrastructure, across 22 jurisdictions, representing total assets under management of GBP14 billion.

Quebec-based La Caisse is the world's second-largest institutional infrastructure investor, manages over GBP20 billion in UK investments, and has held stakes in Eurostar, Heathrow Airport and London Array, an offshore wind farm capable of powering up to 500,000 homes.

The DLA Piper team was led by infrastructure partners Derwin Jenkinson and Steven Bryan. They were supported by senior associates Tim Harding and Owen Knight, along with a wider team of over 50 lawyers from across the firm.

Commenting on this transaction, Derwin Jenkinson said: "This investment into Sizewell C marks a major milestone in the development of one of the most significant energy infrastructure projects globally. The project will be delivered through an innovative RAB funding mechanism, whereby investors will achieve regulated, predictable inflation-linked returns, whilst helping secure the UK's future energy supply.

"This transaction illustrates our capability to advise financial investor clients on the most high profile transactions in the market. We are delighted for all stakeholders on achieving this milestone."

DLA Piper has been ranked as the leading legal advisor for EMEA Project finance (by deal volume), EMEA M&A (by deal volume) and overall EMEA deal volume by Infralogic in its 2025 rankings.