June 20 (UPI) -- Apollo, a U.S. asset management group, plans to provide a $6 billion loan to the British nuclear project Hinkley Point C being built by a French multinational electric utility company.
Hinkley's estimated cost has soared from $23.7 billion to almost $60.6 billion and won't be operational until at least 2029, Baha Breaking News reported. Construction began in 2017.
Apollo will provide an investment-grade debt financing package at an interest rate below 7% for the project developer, Electricite de France, sources told CNBC and the Financial Times.
Apollo, which was founded in 1990 by Leonard Black, Josh Harris and Marc Rowan, manages capital for institutional and individual investors. Apollo, headquartered in New York City, had revenue of $26.11 billion in 2024 with a net income of $6.373 billion.
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