Apollo to fund £4.5 billion for Hinkley Point nuclear project
US private equity group Apollo Global will provide £4.5 billion in financing to support Britain's long-delayed Hinkley Point nuclear project, the Financial Times reported today, citing people familiar with the matter.
The project, controlled and financed by French power giant EDF, is Britain's first new nuclear plant in more than two decades as London seeks to replace its ageing fleet to boost energy security, reach climate targets and create new jobs.
Apollo declined to comment on the FT report, while Britain's energy department, and EDF - which runs Europe's largest nuclear fleet - did not immediately respond to Reuters requests for comment.
The Hinkley project has had several delays and cost overruns, especially after China General Nuclear Power Group pulled out in 2023.
It is currently expected to start operations in 2029, with an estimated cost of between £31 billion and £34 billion at 2015 prices.
Apollo's funding is expected to be provided as unsecured debt at an interest rate of just under 7%, the report said, adding that it could be used for other projects by EDF, but Hinkley Point was expected to be the primary target for the package.
The UK government last week said it would invest a further £14.2 billion to build the Sizewell C nuclear plant in southeast England, a second major new nuclear project for the country.
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Irish Examiner
2 days ago
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Ryanair among airlines to suspend Middle Eastern flights
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Irish Examiner
2 days ago
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Irish Examiner
2 days ago
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Wine with Leslie: Looking east to China for the future of wine
The world of wine is in a state of flux these days. Just this week it was announced that French supermarket wine sales were down by 5% and other European countries have reported similar drops. Maybe wine producers need to look beyond Europe to improve sales. I'm just back from a week tasting wines in the city of Yinchuan, capital of Ningxia Province in Western Central China (just south of Mongolia). This is the best-known Chinese wine region with grapes grown on sandy soils on the edge of the Gobi Desert. I was invited by the Concours Mondial Bruxelles, one of the world's most recognised wine competitions, now in its 32nd year. The Concours holds a few different competitions but the red and white competition is by far the largest; there were 7,165 wines from 49 countries tasted by 375 tasters from 56 countries. Wine is not universally drunk in China, of course (baijiu spirit is the alcohol of choice), but it is slowly gaining traction and wineries are popular wedding venues. Of all the different flights of wines my table tasted, the highest marks we gave were for Marselan wines from Ningxia. The wines were tasted blind and I would never have guessed they were Chinese. The quality was impressively consistent and the wines were supremely tasty with potential for ageing. Marselan is a Grenache-Cabernet crossing and works brilliantly in the high-altitude vineyards of Ningxia. Cabernet, Merlot, Riesling and Chardonnay are also worth trying, but it was fascinating to taste such good Marselan, a grape that has never excited me before. We visited several wineries with my favourite, perhaps, being the Silver Heights estate, a fine Marselan and some interesting natural and even qvevri wines. Recommendations today include an excellent red from Ningxia and two other wines with a vaguely 'eastern' influence that will suit our current weather. Gérard Bertrand Côte des Roses, Languedoc, France, €12 Gérard Bertrand Côte des Roses, Languedoc, France, €12 Dunnes Stores Bertrand is a superstar winemaker and this is a great price for a very elegant rosé. A blend of Grenache, Cinsault and Syrah from vineyards near Narbonne with influence from the Mediterranean Sea. In a gorgeous bottle, this pours a pleasing pale pink with light berry fruit aromas mixed with peach and apricot. Supple and fruity but with a dry finish with a bonus touch of ozone. Paparuda Pinot Noir, Cramele Recas, Romania, €13.95 Paparuda Pinot Noir, Cramele Recas, Romania, €13.95 JJ O'Driscolls; Mollys; Vintry; One of the very few Pinot Noirs under €15 that I'm happy to recommend, Recas often win medals at the CMB competition. Red fruit aromas plus blackberry and plum with a tinge of forest floor; ripe and juicy with some pleasing streaks of acidity, structure, and a touch of spice. Also watch for Reca, a similarly inexpensive and tasty Incanta Pinot Noir (1601, Menloe Stores). Kanaan Winery 'Pretty Pony', Ningxia, China 2019, €54.95 Kanaan Winery 'Pretty Pony', Ningxia, China 2019, €54.95 JJ O'Driscolls; Cinnamon Cottage; Drink Store; From the eastern foothills (1000m) of the Helan Mountains in Ningxia, just south of Mongolia. This is quite fascinating, a Cabernet Sauvignon-Merlot blend, reminiscent of fine Bordeaux but also quite different with a pleasing sweet-savoury complexity. Darkly fruited, juicy and supple, cooked plums and a touch of strawberry coulis, fine-tuned with elegance and length. Kanaan Riesling 2022 (€35) is also worth trying. Beer of the week Hofbräuhaus Natur Radler, 2.3% ABV, 500ml, €2.75 Hofbräuhaus Natur Radler, 2.3% ABV, 500ml, €2.75 Bradleys; Matsons; World Wide Wines; McHughs; Molloys; Independents The sun is out (mostly), there are plenty of warm days left, so time to stock up on Radler, the classic Bavarian summer drink. Ripe lemon and lemon zest aromas with a strong hit of lime, classic München helles lager coming through on the mid-palate and with a bitter lemon twist on the finish.
