CBI member EDF and China General Nuclear Power Corporation (CGN) signed a Strategic Investment Agreement for the construction and operation of the proposed Hinkley Point C nuclear power station in Somerset.
Under the Strategic Investment Agreement, EDF’s share in Hinkley Point C will be 66.5% and CGN’s will be 33.5%. Without reducing this initial stake below 50%, EDF intends in due course to bring other investors into the project.
China General Nuclear Power Corporation (CGN) will make its investment in the U.K. through its new company called General Nuclear International (GNI).
EDF and CGN have agreed the Heads of Terms of a wider U.K. partnership for the joint development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex.
Terms will be in final form before the final investment decision for Hinkley Point C. The signing paves the way for the Hinkley Point C project to go ahead and sets the steps for a final investment decision subject to: 1) finalisation of long form documentation based on Heads of Terms, and 2) finalisation by EDF of its financing plan.
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