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Apollo Nears £5bn Funding Deal for EDF’s Hinkley Nuclear Plant
June 23, 2025
Apollo Global Management is reportedly close to finalising a $6.7bn (~£5bn) financing deal with Electricité de France (EDF) to support the construction of the delayed Hinkley Point C nuclear power plant in the UK. The deal, focused largely on conventional long-term loans as per sources, would give EDF access to private capital and reduce the need for issuing in the sterling corporate debt market.
Hinkley Point C project estimated costs have surged to $55.1bn (£47.9bn), majorly driven by pandemic-related disruptions, labour shortages and supply chain constraints. The funding provided much needed relief, especially after EDF’s capital pressures intensified since China General Nuclear stopped funding its minority share at end of 2023. EDF also requires funding for other domestic projects, like prolonging the life of aging atomic stations. Under EDF’s base-case scenario, the first of the two reactors at the site is scheduled to become operational in 2030, five years later than initially planned.
EDF’s 5.875% GBP perp is trading at 97.345, yielding 6.72%.
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