French energy group EDF has signed a Stategic Investment Agreement with Chinese companies China General Nuclear Power Corporation (CGNPC) and China National Nuclear Corporation (CNNC), under the terms of which CGNPC and CNNC will take over a 33.5% stake in the Hinkley Point C nuclear power project in Somerset (United Kingdom). EDF will retain 66.5% in the project though a 15% stake could be sold to a potential investor (EDF would retain at least 50%).
In addition, the Chinese companies would cooperate with EDF on a second EDF-led nuclear power plant at Sizewell in Suffolk, on a Chinese-led plant at Bradwell in Essex, on cooperating to have Chinese reactor technology approved for use in the United Kingdom and on other international projects. The Sizewell C project would be jointly developed by the two companies (80% EDF, 20% CGNPC), while a joint venture would be set at Bradwell to seek regulatory approval of the Chinese-designed Hualong One reactor.
The Hinkley Point C project will consist of two 1,630 MW Areva EPR reactors, expected to be commissioned in 2024 at the earliest with full operation in 2025 (initially expected in 2017). Total investment is estimated at £18bn (€24.5bn), with CGNPC investing £6bn (€8.1bn). In September 2015, the UK approved a £2bn (€2.8bn) loan guarantee for the project.
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