Saudi Electricity Co. Considering 15 Percent Stake in Hinkley Point C

Saudi Electricity Co. is considering taking a stake of about 15 percent in the Hinkley Point C nuclear plant, which recently received the green light for construction by the European Commission.

Saudi Electricity is the largest utility in the Gulf region. It took the initiative in an effort to secure 15 percent stake, as French power corporation EDF is seeking further funding for the $25.06 billion project.

Hinkley Point C is expected to provide the United Kingdom with seven percent of its electricity when it is completed. French power corporation EDF, slated to own 45-50 percent, declined to comment on the discussions, Reuters reported.

Essentially, 15 percent is up for grabs. China General Nuclear Corporation and China National Nuclear Corporation are slated for a 30-40 percent share with French plant builder Areva holding 10 percent.

The British government has helped provoke interest in the project, which is key part of the country's strategy for reducing harmful CO2 emissions. The owners have been guaranteed a price of $144.43 per megawatt hour for the first 35 years of operation.

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