JEDDAH — Saudi Electric is vying to buy a minority stake in Hinkley Point, the £24.5 billion nuclear project in Somerset that is expected to begin generating power in 2023. Sky News has learnt that Saudi Electric is among a small number of prospective investors in discussions about ploughing billions of pounds into the venture.
A deal has yet to be finalised with EDF, the French group spearheading the project, but talks with Saudi Electric are understood to have been ongoing for some time.
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.
Two state-owned Chinese groups, China General Nuclear Power Corporation and China National Nuclear Corporation, will collectively own between 30 percent and 40 percent of the project.
Sources said that Saudi Electric could own between 10 percent and 15 percent of the venture if the talks are successful. — SG/Agencies
