New £4m Hinkley Point C deal powers project progress
A specialist construction firm has secured a £3.8m alternative finance funding line to complete its work at Hinkley Point C nuclear power station during the next 10 years.
The multi-million-pound deal, constructed by P2P business lending specialist Nucleus Commercial Finance, is comprised of £1.8m in property finance and £2m in invoice finance.
With the long-term nature of the contracts related to Hinkley Point C, traditional lenders and high street banks were unwilling to finance the work.
Nucleus CEO Chirag Shah said: “This is a fantastic deal, because it secures finance for a critical part of the Hinkley project. The closing of this deal sends a clear message that non-standard lenders are fast becoming essential to British infrastructure projects. Businesses now feel confident using alternative lenders as opposed to banks, and are realising that non-traditional solutions can provide stability and flexibility.
“The fact that the company felt able to come to Nucleus for this custom-fit loan, especially when involved in such a high stakes project, is testament to the fact we take the time to understand our clients’ businesses and don’t use a one-size-fits-all checklist like traditional lenders.”
Hinkley Point C, which was approved by Theresa May’s government in the latter half of 2016, is expected to be completed at a cost of around £18bn.