New Projects, Nuclear

HSBC to advise EDF on new nuclear build financing

Jacobs to provide project management services to UK nuclear fleet

HSBC Holdings Plc (HSBA) is advising Electricite de France SA (EDF) on financing for the 16 billion pound ($27 billion) new nuclear build at Hinkley Point C in England.

According to Bloomberg, HSBC will help secure the debt to fund construction of the new plant. EDF, Areva SA China General Nuclear Corp. and China National Nuclear Corp. formed a consortium to build the plant with help from government incentives. The European Commission started an investigation into those subsidies, which could push the price tag of the plant above the 16 billion pound cost. Consumers could end up paying 17 billion pounds in subsidies to EDF, the majority owner of the plant.

The new unit is expected to be operational by 2023.

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