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Hitachi encouraged by British assurance of guaranteed loan for Wylfa nuclear power plant construction

Mainichi 9th May 2018 [Machine Translation] The UK government presented to Hitachi about a debt
guarantee for the full amount of borrowing necessary for the project, surrounding Hitachi’s nuclear power plant project to be planned in central UK.

Until now, the Japanese government had a policy of guaranteeing debt from borrowing from Japanese banks. The British government, which had been asked to strengthen support from Hitachi, said it showed stronger involvement in finance.

Based on this, Hitachi is expected to judge continuation of investment within the month. As a loan, 3 megabanks such as
Mitsubishi UFJ Bank and other government-affiliated international cooperation banks are planning to participate from Japan, and it was planned that the Japan Trade Insurance, wholly owned by the government, will guarantee the loans of three lines.

However, in late April, the British government showed Hitachi’s intention to guarantee full debt of both Japanese and English bank loans. Prior to this, Hitachi reported that there is a possibility of withdrawing from business unless UK government’s adequate support is obtained, the UK side seems to have presented as part of the support measures.

If the loan is burned down due to an accident or the like due to the guarantee of debt, there is a possibility that the
British people will eventually bear a burden. Although the burden of Hitachi is not immediately reduced compared with the case where the Japanese government guarantees the debt, the British government owes the risk of the failure of the project, so that the meaning that the British government can continue to support in the future can be expected is there.
https://mainichi.jp/articles/20180509/k00/00m/020/171000c?fm=mnm

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May 11, 2018 - Posted by | politics, UK

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