HomeProduct Complimentary download CGN signs $9 bln British nuclear deal in return for own project

CGN signs $9 bln British nuclear deal in return for own project

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Publish time: 22nd October, 2015      Source: www.cnchemicals.com
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China General Nuclear Power Group (CGN) has agreed to invest $9 billion in French nuclear plant operator EDF's Hinkley Point nuclear project, Britain's first new nuclear plant in a generation, state media reported on October 22.CGN will finance 33.5% of the project, one of the world's costliest nuclear power stations, which Britain said it needs to replace ageing reactors and polluting coal plants to ensure the lights stay on.The project at Hinkley Point will be the first new nuclear plant built in the European Union since 2011 when Japan's Fukushima reactor meltdown sent shockwaves through the world.As part of the agreement, EDF will help CGN gain a licence to build its own nuclear reactor, Hualong, in Britain, whose nuclear regulatory regime is seen as one of the most stringent in the world.CGN has also agreed to take a 20% stake in EDF's Sizewell nuclear project in eastern England. EDF said final sanctioning of this project was 3-4 years away.For China, keen to establish itself as an exporter of nuclear expertise, successfully building a plant in Britain will open the door to other markets.