CNNC and CGN (China) create JV for nuclear technology export
Chinese nuclear groups China Guangdong Nuclear Power Group (CGN) and China National Nuclear Corporation (CNNC) have reached an agreement to set up a joint venture aimed at promoting Chinese "third-generation" nuclear reactor design, Hualong One, in overseas markets. The 50-50 Hualong One joint venture, namely Hualong International Nuclear Power Technology, will have a registered capital of Cyu 500m (US$77m).
In December 2015, the State Council of China approved the construction of two Hualong One reactors on the site of the Fangchenggang nuclear power plant in Guangxi province; construction of unit 3 started in late December 2015. In October 2015, CGN and EDF Energy decided to create a joint venture to seek regulatory approval for a British version of the Hualong One design, while this Chinese design should be used for the fifth nuclear power plant in Argentina (agreement signed in November 2015).
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