Saudi Arabian utility firm Saudi Electric plans to invest in the £24.5bn nuclear power station at Hinkley Point in Somerset, UK.
Sky News reports that the firm intends to buy a minority stake in the project, which will be developed by French nuclear firm Électricité de France (EDF).
Approximately 10% to 15% of the project will be taken over by Saudi Electric, if the venture talks are successful, the news publication informed.
While 50% of the plant will be owned by EDF, French infrastructure company Areva will hold 10% equity in the project.
China General Nuclear Power Corporation and China National Nuclear Corporation are other two partners for the project, which will collectively own 30% to 40% stake in it.
Last month EU regulators gave approval to the revised UK plans to subsidise the construction and operation of the power plant, stating that the reviewed plans are in line with the EU state aid rules.
Nearly 25% of the EU policymakers were reportedly opposed to a deal to pay a guaranteed price of £92.50 per megawatt-hour for the power produced in the plant to EDF and its partners for 35 years, once the first reactor goes online.
This price was believed to be almost two times the existing wholesale power price.
The Hinkley Point C nuclear power plant is considered to be the UK’s flagship project, which will help the country to replace its ageing nuclear plants and cut down its carbon emissions.
Once it becomes operational in 2023, it can meet 7% of the UK’s electricity requirements.
Hinkley Point A nuclear power plant was commissioned in 1965 and decommissioned in 2000, while Hinkley Point B nuclear power plant was commissioned in 1976.
Image: The Hinkley Point nuclear power station. Photo: courtesy of Richard Baker.