Apollo has committed up to £4.5bn in fixed-rate callable notes to Électricité de France (EDF), delivering the largest sterling-denominated private credit transaction on record. 

The deal marks a major investment milestone for the firm and underscores its growing influence in European infrastructure financing.

The capital, issued under EDF’s €50bn Euro Medium Term Note programme, will support a range of projects across the UK – most notably the construction of the Hinkley Point C nuclear power station.

“This landmark transaction highlights our deepening partnership with the French government and EDF,” said Jamshid Ehsani, Partner at Apollo. “It reaffirms our commitment to being a premier capital provider to leading European companies.”

Ehsani described the deal as “the largest-ever capital funding transaction executed by EDF” and a defining moment in Apollo’s private credit strategy.

The deal builds on Apollo’s nearly 30-year track record of investing in French corporates. In recent years, the firm has provided €2.5bn in high-grade capital to Air France-KLM across three transactions.

Since 2020, Apollo has deployed over $100bn through its High-Grade Capital Solutions strategy, backing global names such as Intel, AB InBev, BP, Sony, and Vonovia.

Legal counsel for Apollo included Latham & Watkins and Kirkland & Ellis, while Apollo Capital Solutions Europe B.V. advised on structuring and arrangement. BNP Paribas and Hogan Lovells advised EDF.

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