Asset manager Apollo has announced that its managed affiliates, funds and strategic accounts will invest up to £4.5bn ($6.04bn) in fixed-rate callable notes issued by Électricité de France (EDF).
EDF is issuing the notes as part of its €50bn Euro Medium Term Note (EMTN) programme.
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The proceeds from the investment will be directed primarily into financing EDF’s operations in the UK, including the Hinkley Point C nuclear power station.
The deal is one of the largest sterling-denominated note issuances on record.
It reinforces Apollo’s long-standing history with French entities, in which it has been actively investing for nearly three decades.
Apollo Partner Jamshid Ehsani stated: “Apollo is pleased to provide this bespoke, large-scale financing to EDF in support of its vital role in advancing European energy sovereignty and power infrastructure, including in the UK.”
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By GlobalData“This landmark transaction highlights our deepening partnership with the French government and EDF and reaffirms our commitment to being a premier capital provider to leading European companies. This is the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market.”
Legal aspects of the transaction were handled by Latham & Watkins and Kirkland & Ellis representing Apollo, while BNP Paribas offered financial advice and Hogan Lovells provided legal counsel to EDF.
Sructuring and arrangement services for the transaction are being facilitated by Apollo Capital Solutions Europe, further strengthening their role in shaping large-scale investments within the power industry.
In December 2024, the Hinkley Point C nuclear facility successfully installed the UK’s first new nuclear reactor in more than 30 years.
