Saudi Electricity in talks with EDF to buy stake in UK nuclear project

Saudi Electricity Company, the Gulf's largest utility provider, is discussing with Electricity of France (EDF) buying a minority stake in Hinkley Point C nuclear project in Britain, according to Asharq Al-Awsat newspaper.

The company is “very excited” to enter the $25.6 billion project, especially after receiving financial assistance from the Saudi government, the newspaper said, quoting British sources.

SEC hopes to acquire 15 percent of the project, China plans to buy 30 percent, while EDF will own at least 45 percent.

Once completed, the project will provide 7 percent of Britain’s energy needs.