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FINANCIAL NEWS
Saudi Electric eyes stake in UK energy project
18 Nov 2014
(MENAFN) Saudi Electric said that they are eying to buy a minority stake in Hinkley Point, the USD38.38 billion nuclear project in the UK, which is expected to begin generating power in 2023, Saudi Gazette reported.
Saudi Electric, which is one of a limited number of possible investors in discussions about investing money in the venture, is currently in talks with EDF, the French group responsible for the project.
EDF, which is one of the UK’s biggest residential energy suppliers, will own up to 50 percent of Hinkley Point, with Areva, a French infrastructure company, holding 10 percent of the shares, while 30 percent of the shares will be owned collectively by two state-owned Chinese groups
If a deal is signed with EDF, Saudi Electric could possibly own between 10 percent and 15 percent of the venture.
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