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).