Saudi Electricity is in talks to buy a stake at UK Hinkley Point nuclear power plant, Sky News

Saudi Electricity Co., which is 74 percent owned by the Saudi government, is in talks to buy a minority stake at the UK- based $37 billion  Hinkley Point nuclear power plant, Sky News reported, citing unidentified sources.

The deal has not been finalized with EDF, the French group, which owns 50 percent of the project. The Saudi company is considering 10 to 15 percent stake in the project which is expected to generate 7 percent of the UK electricity needs.

Two state-owned Chinese groups, China General Nuclear Power Corporation and China National Nuclear Corporation, will collectively own between 30% and 40% of the project.

EDF refused to comment on the news.