China to take nuke plant stake
Print Edition
CHINA has agreed to take a one-third stake in French power giant EDF’s 25 billion pound (US$38.7 billion) next-generation nuclear project at Hinkley Point in southwest England, French business daily Les Echos reported yesterday.
The deal comes as President Xi Jinping began a state visit to Britain.
China is taking a 33.5 percent share in the construction of two reactors at Hinkley Point in a deal signed by EDF with China General Nuclear Power Corp and China National Nuclear Corp, the report said.
The deal also foresees the possibility of building a Chinese “Hualong” nuclear reactor at Bradwell, southeast England, which is owned by EDF’s British offshoot EDF Energy, it said.
London is looking to Xi’s visit as an opportunity to seal the deal for Hinkley Point, two years after it first gave the green light for the project.
A report in the Financial Times newspaper said the deal was signed hours before Xi’s arrival in Britain and would be announced today.
Hinkley Point will feature two European Pressurised Reactors, a third-generation design considered the most advanced and safest in the world.
The reactors are expected to be able to power 5 million homes, providing 7 percent of the country’s electricity needs.
Though originally scheduled to go into service in 2023, EDF Energy recently said the deadline was unlikely to be met.
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