China General Nuclear Power Corporation (CGNPC) has entered into a conditional equity transfer agreement with Hong Kong-based power company CLP Holdings on the sale of a 17% interest in Yangjiang Nuclear Power Company Limited. The sale was conducted through a public tender process - CLP won with a bid of Cyu 5bn (US$326m) - and is expected to be completed by mid-2017.
Yangjiang Nuclear is currently 46% owned by CGNPC, 30% owned by CGN Power subsidiary GNIC, 7% by CGN Power associate company CGN Industry Investment Fund Phase I, and 17% by Guangdong Yudean Group.
The Yangjiang nuclear project consists of six units of 1,000 MW, including four 1,080 MW CPR-1000 pressurized water reactors and two ACPR-1000 reactors. The first reactor was commissioned in 2014, the second in June 2015 and the third unit in January 2016. The fourth unit has already entered the commissioning phase and is scheduled to start up in 2017. Construction started on units 5 and 6 in 2013. The entire project will be operational in 2019. When fully operational, it will generate about 48 TWh/year.
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