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SEC interested in Hinkley Point C nuclear plant

Saudi utility considering buying up to 15% stake in UK power station, reports say.

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EDF, Hinkley point, Nuclear, Sec, News

Saudi Electricity Company (SEC) has approached France's EDF about taking a minority stake in the French firm's Hinkley Point C nuclear project in Britain, according to reports in the UK.

EDF, which will own 45-50% of the project, has already brought China General Nuclear Corporation (CGN) and China National Nuclear Corporation (CNNC) on board who will share 30-40% of the project's equity, Reuters says.

French nuclear reactor maker Areva will also own a 10% stake, leaving up to 15% for another investor.

EDF is still searching for additional investors to help fund the GBP 16bn ($25bn) nuclear project after it received European Commission state aid clearance last month for the support of the British government to guarantee future returns.

Saudi Electricity and EDF declined to comment.

The British government is guaranteeing EDF a minimum electricity price of GBP 92.50 per megawatt-hour generated from the new plant for 35 years as part of a policy to encourage low-carbon energy production.

EDF is expected to make a final investment decision for Hinkley Point C around the end of the year.

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