Gulf Funds May Take Stake In EDF’s UK Nuclear Project

French utility EDF is spending $26 billion to build two nuclear reactors at Hinkley Point in the UK

Gulf state funds could take a stake of up to 15 per cent in French utility EDF’s 16 billion pound ($26 billion) project to build two nuclear reactors at Hinkley Point in the UK, French financial daily Les Echos reported.

Without citing sources, the paper said that the sovereign wealth fund of Kuwait or Qatar’s SWF could be in the running. In 2010 the Kuwait Investment Authority paid 600 million euros ($826 million) for a 4.8 per cent stake in French nuclear group Areva.

EDF was not immediately available for comment on Wednesday.

The utility announced on Monday that an EDF-led consortium would build two Areva-designed reactors in the UK.

EDF’s long-time Chinese partners, China General Nuclear Corporation (CGN) and China National Nuclear Corporation (CNNC), will take a combined 30-40 per cent stake in the consortium, while French state-owned Areva will take 10 per cent.

EDF said that discussions were also taking place with a shortlist of other interested parties, which could take up to 15 per cent.