Shareholders at EDF have signed off on a $4.4bn equity fundraising drive that with go towards paying for the UK’s Hinkley Point C plant as well as upgrading of other nuclear facilities in France.
The news came on the eve of a much anticipated meeting that may finally see a final investment decision on the nuclear power project in south western England.
Jean-Bernard Lévy, the company’s chief executive, told an extraordinary shareholders meeting: “We need to boost our equity as market conditions are tough and we need to maintain the quality of our debt and our credit rating.”
He added that the money would not be spent solely on Hinkley Point C but would also be used to upgrade ageing French reactors and install smart power meters.
Mr Lévy also commented for the first time on a recent raid by the French stock market regulator AMF.
The FT reports that he said the raid concerned financial communications the company has made since 2013. Reports in France have said regulators asked for paperwork regarding both Hinkley Point and plans to refit France’s existing nuclear power plants.
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