Apollo to supply £4.5 billion loan to UK nuclear project
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preCharge News BUSINESS — U.S. asset management giant Apollo is set to provide a £4.5 billion ($6 billion) loan to plug a shortfall facing U.K. nuclear project Hinkley Point.

The deal was first reported by the Financial Times on Friday and supported by two sources speaking to preCharge News on condition of anonymity because of the sensitivity of the matter.

Delays and Cost Overruns at Hinkley Point C

Construction of the Hinkley Point C plant, the first nuclear power station to be built in Britain in decades, has been delayed multiple times and swelled in budget.

Cranes surround one of the two reactors being constructed at Hinkley Point C on September 27, 2024 in Bridgwater, England. Anna Barclay | Getty Images News | Getty Images
Cranes surround one of the two reactors being constructed at Hinkley Point C on September 27, 2024 in Bridgwater, England. Anna Barclay | Getty Images News | Getty Images

Apollo will provide an investment-grade, unsecured debt financing package for the project at an interest rate below 7%, a source said.

Key Players Decline to Comment

Apollo and Hinkley Point majority owner EDF declined to comment.

One of the Largest Private Capital Investments

The deal would be among the biggest private capital investments in a project of U.K. national interest.

One source told preCharge News that Apollo has been “circling” a deal opportunity for several weeks and has been “deep in talks with EDF

This is a breaking news story and will be updated shortly.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.