US private capital group Apollo Global is set to back Somerset's Hinkley Point C nuclear power station with a £4.5bn loan.
The loan will be provided as unsecured debt to EDF, the French state-owned energy firm delivering the project, at an interest rate of just under 7%, according to sources who spoke to the FT.
While the funding could theoretically be used for other 海角视频 projects by EDF, it's expected that Hinkley Point C will be the main beneficiary.
READ MORE: {}
The Bridgwater-based nuclear power plant has been plagued by cost overruns and delays since it received government approval in 2016.
Originally, the project was expected to be completed by 2025 at a cost of around £18bn, but current estimates suggest the total cost could reach nearly £46bn, with a start date pushed back to 2029, as reported by .
A combination of labour shortages, the Covid-19 pandemic and inflation in material costs have all contributed to the cost increases.
China General Nuclear, which held a minority stake in the project, also halted funding in December 2023, further increasing the bill for EDF.
Both Apollo and EDF declined to comment on the debt package.
Most Read
Upon completion, Hinkley Point C is expected to power around six million homes as the 海角视频 heads towards a 2050 net-zero deadline. The new reactors are projected to provide around 7% of Britain's electricity needs.
In June, Hinkley Point's workforce hit 27,000 as the 海角视频 nuclear power sector grew to £20bn.
EDF is also constructing the £14.6bn Sizewell C nuclear power plant in Suffolk, which received approval from ministers in last week's spending review.
This month, energy secretary Ed Miliband highlighted the pivotal role that nuclear power will play in ushering in a "golden age of clean energy abundance", along with mitigating the climate crisis.
Apollo's overall assets under management stood at a combined value, broken down into $641bn (£474.8bn) in credit and $144bn in equity, as of the first quarter of 2025.