P2P lender funds £3.8m Hinkley Point C works
By Alex LynnPeer-to-peer (P2P) lender Nucleus Commercial Finance has provided a £3.8m funding line for work to be carried out on Hinkley Point C nuclear power station over the next 10 years
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The deal was secured by a specialist construction firm and comprises £1.8m in property finance with a further £2m in invoice finance.
Nucleus has now lent almost £500m to businesses, of which only £5,800 remains unrecovered.
Chirag Shah, CEO of Nucleus Commercial Finance, 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.”
Somerset-based Hinkley Point C (pictured) was approved by Theresa May’s government in the latter half of 2016 and is expected to take 10 years to complete.
Nucleus claimed the long-term nature of the contracts had deterred traditional lenders and high street banks from financing the work.
The plant will be built by EDF Energy and is expected to cost around £18bn.
Keywords: Peer-to-peer, P2P, Nucleus Commercial Finance, funding line, Hinkley Point C, nuclear power station, construction, property finance, invoice finance, high street banks, Chirag Shah, infrastructure