The US private capital group Apollo Global has announced it will provide GBP4.5bn (€5.25bn) in financing to support the development of the 3.26 GW Hinkley Point nuclear project, located in Somerset, southern England (United Kingdom). The nuclear project will be funded by proceeds from Apollo-managed affiliates, funds and strategic accounts' agreement to invest up to the same amount in fixed-rate callable notes issued by the French utility EDF, which is developing the project.
Construction of Hinkley Point C (composed of two EPR reactors of 1,630 MW each) began in December 2018, with Unit 1 of the plant originally scheduled to be completed by the end of 2025. In January 2024, EDF announced a delay and a rise in project cost for the nuclear power plant. The nuclear plant, which was expected to be completed in 2027 and cost up to GBP26bn (€30bn), is now expected to become operational in 2029-2030 at the earliest, with the overall cost revised to between GBP31bn (€36bn) to GBP34bn (€40bn) at 2015 prices.
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