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| New £4m Hinkley Point C alternative finance deal powers project progress |
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| Thursday, 02 March 2017 | |
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A specialist construction firm has secured a £3.8 million alternative finance funding line to complete its work at Hinkley Point C nuclear power station (HPC) over the course of the next ten years.
The multi-million-pound deal constructed by P2P business lending specialist Nucleus Commercial Finance, is comprised of £1.8 million in property finance combined with £2 million 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. Commenting on the agreement, Nucleus Commercial Finance’s 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” Shah added. Hinkley Point C, the landmark Nuclear deal approved by Theresa May’s government in the latter half of 2016, is due to take ten years to complete at a cost of around £18bn. |
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