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Chinese deal a big step forward for UK nuclear industry

29 Oct 2015

The British and Chinese governments agreed on Wednesday to give China a substantial stake in the British nuclear industry, both as an investor and as a contractor.

The deal involves plans for a nuclear power station called Hinkley Point C, in southwestern England, already years behind schedule and well over its original cost estimates. The cost is now projected at £18 billion, and the plant is not expected to open before 2025.

China General Nuclear Power Corporation has agreed to invest £6 billion and take a 33.5 percent stake in the Hinkley Point project.

The plant is intended to meet around 7 percent of Britain’s current electricity needs and create thousands of jobs.