Abigail Townsend Sharecast News
10 Oct, 2024 12:03

EDF seeks £4bn to help fund Hinkley Point C - report

dl edf electricite de france french nuclear energy power generator company state owned logo
EDFSharecast graphic / Josh White

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Electricite de France is holding talks with investors about funding Hinkley Point C, the nuclear power plant is it in building in Somerset, it was reported on Thursday.

According to Bloomberg, citing unnamed sources, the state-owned business wants to raise as much as £4bn to help with ballooning construction costs.

Bloomberg said the talks with sovereign wealth funds and large infrastructure funds were centred around a possible bespoke financial instrument which would give investors a stake in the project.

EDF declined to comment on the report.

The French utility is building two reactors at Hinkley, but labour shortages and supply chain issues have caused delays and sent costs soaring.

Construction started in 2018 and was expected to take around seven years. But Hinkley Point C is now not expected to open until the 2030s, while the total cost of building both reactors is currently expected to reach £47.9bn.

In addition, EDF is facing significant domestic funding requirements, as it looks to prolong the life of France’s ageing atomic power stations.

Earlier this week The Telegraph reported that British Gas-owner Centrica was mulling a potential £1bn investment in Hinkley Point C.

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