Financing for the largest ever Chinese investment into the UK, nuclear power station Hinkley Point C, has successfully closed. The power station is also Europe’s biggest infrastructure project.
China General Nuclear Power’s (CGN) £18 billion ($22.4 billion) investment took the form of a strategic investment agreement with EDF for the construction and operation of power plant in Somerset. It also includes the future development of further projects in the UK by the newly-formed joint venture company, General Nuclear International.The UK government had originally planned to provide a loan guarantee pursuant to its guarantee scheme (UKGS) to make it easier for the project to secure financing.
Deal closure hung on the new government’s blessing, which it received in September following a surprise review into the project in July.
Ashurst partner Robert Ogilvy Watson, who advised CGN, said...