Latest news with #HinkleyPointC
Yahoo
5 days ago
- Business
- Yahoo
British Gas to take multibillion-pound stake in Miliband's nuclear power plant
British Gas is poised to take a multibillion-pound bet on a nuclear power plant backed by Ed Miliband. Centrica, the owner of British Gas, is preparing to announce a 15pc stake in Sizewell C in the coming weeks, handing a boost to the project after months of prolonged funding talks. The planned investment will hand Centrica the same-sized stake in Sizewell C as French state-owned energy group EDF. It comes after the Energy Secretary confirmed plans earlier this month to invest £14bn into the power plant by 2029, increasing the Government's total investment in the project to £17bn. He is pumping in taxpayer cash as part of a planned nuclear power renaissance in Britain, with Sizewell C set to generate enough electricity for 6m homes. At the time, he said the investment was 'the right choice for bills, the right choice for jobs and the right choice for growth'. Centrica's planned stake, first reported by the Financial Times, signals a shift in investor interest in Sizewell C, as many large funds have previously been put off by years of delays and cost overruns. EDF had initially been planning to open the plant in 2020, but it is now not expected to begin operations until after 2030. Earlier this month, it also emerged that the cost of Sizewell C had more than doubled to £40bn, up from previous estimates of £20bn. The Government has refused to comment on the cost of Sizewell C, although officials have attempted to play down the scale of the cost increase. It has defended the investment in the project by claiming the Government is 'filling the gap with a new nuclear programme which will see greater efficiencies and learnings carried across projects'. A spokesman said: 'Sizewell C will be an almost exact replica of Hinkley Point C – but crucially learning from previous mistakes and replication. 'EDF says that the second unit of Hinkley is getting built at a rate 25pc quicker than the first, and Sizewell C is effectively a third and fourth version of this reactor.' As well as Centrica and EDF, funds such as Amber Infrastructure Partners, Brookfield Asset Management and the Canadian pension fund CDPQ are exploring potential investments. Centrica and EDF were contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
20-06-2025
- Business
- UPI
U.S. company to provide $6 billion loan for British nuclear power project
Protesters hold banners outside Hinkley Point power station in Somerset, United Kingdom, in 2011 against EDF Energy's plans to renew the site with two new reactors. The project began in 2017 and has had delays and funding problems File Photo by Ben Birchuk/EPA June 20 (UPI) -- Apollo, a U.S. asset management group, plans to provide a $6 billion loan to the British nuclear project Hinkley Point C being built by a French multinational electric utility company. Hinkley's estimated cost has soared from $23.7 billion to almost $60.6 billion and won't be operational until at least 2029, Baha Breaking News reported. Construction began in 2017. Apollo will provide an investment-grade debt financing package at an interest rate below 7% for the project developer, Electricite de France, sources told CNBC and the Financial Times. Apollo, which was founded in 1990 by Leonard Black, Josh Harris and Marc Rowan, manages capital for institutional and individual investors. Apollo, headquartered in New York City, had revenue of $26.11 billion in 2024 with a net income of $6.373 billion. The loan has a maximum maturity of 12 years. EDF is building two new nuclear reactors at the site in Somerset and will be able to borrow $2 billion each of the three years as part of the package. The company has had a shortfall since China General Nuclear Power Group, which was supposed to provide a third of the cost of the project, stopped providing further financing in 2023. CGN was removed by the British government from another project -- Sizewell C -- because of concerns about Chinese influence. The funding could be used for other British projects by EDF. Jamshid Ehsani, head of global principal structured finance at Apollo, described the deal as the "largest ever" sterling private credit deal. "It's going to help finance a critical, low-carbon nuclear project. This is the business Apollo is in today," he said. "Europe is a huge focus for us."
Bloomberg
20-06-2025
- Business
- Bloomberg
Apollo Reaches £4.5 Billion Bond Deal for EDF's UK Nuclear Plant
Apollo Global Management Inc. agreed to help Electricite de France SA raise as much as £4.5 billion ($6.1 billion) in private bond placements to fund the construction of the Hinkley Point C nuclear power plant and other investments in the UK. The bonds will be offered in as many as three tranches, each with a maximum maturity of twelve years, EDF said in statement Friday. The first, for a total of £1.5 billion, will be issued on June 26, while EDF has an option of two other placements in 2026 and 2027.
Bloomberg
20-06-2025
- Business
- Bloomberg
Apollo Nears Funding Deal of Up to £5 Billion for EDF's Hinkley
Save Apollo Global Management Inc. is nearing an agreement with Electricite de France SA to provide as much as £5 billion ($6.7 billion) of financing for the Hinkley Point C nuclear power plant in the UK. While the alternative asset manager previously considered providing a complex mix of equity and debt, the latest talks are mostly focused on conventional long-term loans, people with knowledge of the matter said, asking not to be identified because the deliberations are private.
BBC News
17-06-2025
- Business
- BBC News
Up to 160 homes could be built near Hinkley Point C
Up to 160 new homes could be built near a nuclear power Homes initially proposed the homes in the village of Cannington, Somerset, a few miles from Hinkley Point C, in plans for the same number of properties have now come forward, with Somerset Council expected to make a decision on the proposal later in the proposed development would lie on the eastern side of the Cannington bypass, the Local Democracy Reporting Service reports. Almost a third of the 160 new homes planned would be affordable, with properties ranging from one-bedroom flats to four-bedroom would be from an existing spur off Brymore Way, with the development linking up to the cycle lines which run along the road towards the A39. A spokesman for Pegasus Planning, which represents the applicant, said: "During the construction period, the proposals are anticipated to support the employment of 496 people through direct and indirect jobs."Cannington has seen growing interest from housing developers since construction began at the Hinkley Point C site, with thousands of new workers seeking accommodation in and around Nicholson South West recently finished 73 homes at the Grange Meadow development on the edge of the council will make a final decision on the Strongvox proposals before the end of the year.
