Britain signs landmark nuclear deal with China

Britain has signed a landmark nuclear deal with China to build the United Kingdom’s first nuclear power plant since the 1980s.
The landmark deal was signed in London during the official visit of Chinese President Xi Jinping. The agreement is considered as the first major Chinese investment in Western nuclear facility.
Key facts

• The agreement was signed between French state owned EDF Energy and General Nuclear Power Corporation (CGN) of China.
• Under this deal, nuclear power plant will be built at Hinkley Point, Somerset near London with total planned investment of 18 billion pound.
• CGN will contribute 6 billion pounds i.e. one-third of the total planned investment. CGN will have two-thirds stake and Areva will have one-fifth stake.
• The plant will be become operational by 2025 providing affordable power to Britain.

Apart from this landmark deal, both countries also signed deals worth more than 30 billion pounds.

Month: Current Affairs - October, 2015