The American Apollo Fund will bring a loan of 4,500 million pounds (5.25 billion euros), mainly to finance the Hinkley Point C nuclear reactor project transported by EDF in the United Kingdom, the French electrician giant announced Friday.
This agreement for the issuance of bond loans in a maximum amount of 4.5 billion sterling pounds will allow “to ensure a substantial part of financing in the sterling pound of its investments in the United Kingdom over the next three years, in particular the Hinkley Point C project,” EDF said in a press release.
This project of a couple of new generation reactors of the EPR type, which is already under construction in Somerset, in southwest England, saw its calendar and its costs fell several times.
Initially evaluated in almost 18 billion pounds in 2016 during the green light of London, its total cost could reach between 31 and 34 billion pounds, according to an estimate of the group last year that has not taken into account price increases since 2015. It reduces current conditions, the cost of the project would reach between 41 and 46 billion pounds, between 47.9 and 53.73.74 billion euros.
Delays
In January 2024, EDF had announced a new delay for the implementation of the first of these two EPRs, now expected at best in 2029, or even 2031 on the less favorable stage, against the end of 2025 initially planned. As for the second unit, it is not expected before 2030.
EDF, which has 72.6% in the project, had pledged to seek “financing partners” for this project, while since 2023 its 27.4% co-action action, the Chinese partner CGN has indicated that it no longer had to participate in additional additional costs.
The bond loan announced on Friday, reimbursable to the maximum in 12 years, can be used “in three sections”, the first “of which in a total nominal amount of 1,500 million pounds sterling, it will be broadcast on June 26,” EDF said in a press release. EDF can use the other two slices in 2026 and 2027.
Requested by AFP in New York, Apolo did not respond immediately.
Source: BFM TV
