Hinkley Point nuclear deal confirmed
The long awaited financing deal for the Hinkley Point C nuclear facility in Somerset has been confirmed, with a final price-tag of £18bn according to French utility and lead contractor EDF.
Due for completion in 2025, the facility will see a 33.5 per cent stake controlled by China General Nuclear Power (CGN), which will provide a £6bn investment in return. EDF says it will also consider financing from other areas, although it insists it will retain a majority share.
Last month, Chancellor of the Exchequer George Osborne announced that the UK would guarantee £2bn of Chinese investment in Hinkley C. Today’s confirmation of China’s involvement comes as President Xi Jinping meets with David Cameron as part of the Chinese state visit to the UK. The two leaders are expected to inaugurate the deal publicly later today.
“Britain’s nuclear future hung in the balance and China came to the rescue,” said Andrew Furlong, director of policy at the Institution of Chemical Engineers. “Nevertheless, the deal is good news for investors, for chemical engineers and crucially, for our low carbon future.”
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