Chinese Companies Gain Stake in Hinkley Point C project

 Chinese Companies Gain Stake in Hinkley Point C Project

Two Chinese companies will own one-third of the Hinkley Point C nuclear power project in the UK.
 
French power company EDF said it sold a 33.5 percent stake in the two-unit, 1.6-GW nuclear project worth 25 billion pounds ($38.7 billion) to China General Nuclear Power Corp. and China National Nuclear Corp, according to Yahoo News.

The £16 billion ($17.3 billion) project was announced in 2013, but financial troubles from reactor provider Areva and a dispute over a financing scheme for the project have delayed the start of construction. The plant is expected to be completed by 2025, two years after the original deadline. The UK government pledged to fund a $3.1 billion loan guarantee for project construction in September.
 
As part of the agreement, China could potentially build a Hualong reactor at EDF’s Bradwell nuclear plant in the UK. Hinkley Point C would consist of two European Pressurized Reactors from Areva.
 
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