Saudi Electricity in talks with EDF to join UK nuclear project
Reuters, Tuesday 18 Nov 2014

Saudi Electricity Co, the Gulf's largest utility, has approached France's EDF about taking a minority stake in the French firm's Hinkley Point C nuclear project in Britain, industry sources said.

EDF is still searching for additional investors to help fund the 16 billion pound ($25.06 billion) nuclear project after it received European Commission state aid clearance last month for the support of the British government to guarantee future returns.

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

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

Saudi Electricity has expressed interest in the power station, industry sources close to the matter said.

"There's much more interest post state aid decision," one of the sources said.

Saudi Electricity and EDF declined to comment.

The British government is guaranteeing EDF a minimum electricity price of 92.50 pounds 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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