£4.5bn loan powers nuclear station plan

US private capital group Apollo Global is set to back Somerset's Hinkley Point C nuclear power station with a £4.5bn loan.

- GUY TAYLOR

The loan will be provided as unsecured debt to EDF, the French state-owned energy firm delivering the project, at an interest rate of just under 7%, according to sources who spoke to the FT.

While the funding could theoretically be used for other UK projects by EDF, it's expected that Hinkley Point C will be the main beneficiary.

The nuclear power plant in Somerset has been plagued by cost overruns and delays since it received government approval in 2016.