(Yicai Global) June 16 -- Official news from China General Nuclear Power Group (CGN) confirms that Bradwell B (BRB), the project company for CGN's investment in the UK's Bradwell B Project, and General Nuclear Services (GNS), the entity carrying out 'Huanglong One' General Design Assessment (GDA) in the UK, officially formed in London on June 14 British local time.
CGN Chairman He Yu labeled the event "a move signifying CGN's march into the UK market," adding that CGN will steadily increase its investment in the field of nuclear power in the UK with the operation of a string of entities there.
CGN signed a package agreement on constructing new nuclear power projects in the UK with Electricite de France SA [EPA:EDF] (EDF) and the British government on September 29. Nuclear power projects in the UK under the agreement include the Hinkley Point C (HPC) project, the Sizewell C (SZC) project, and Bradwell B project, of which the Bradwell B project is to apply the Hualong One technology, China's third generation technology with independent intellectual property rights.
The plan is for the two Hualong One power units to be constructed for the BRB project, which lies on England's east coast and is modeled on CGN's Guangxi Fangchenggang NPP Phase II Project. China holds a 66.5% stake, while EDF holds a 33.5% stake in the BRB project.
This is the first time that a Chinese enterprise has led the development and construction of a nuclear power project in a developed Western country and that China has made a breakthrough in exporting its nuclear power technology with independent property rights to such a country, said CGN, believing that the event will serve as a showcase for China's advanced nuclear power technology for the world to see.
As the investment entity in the BRB project, the BRB project company will undertake investment, financing, construction, production, operations and other matters pertaining to the project, He Yu said.
In addition, the Chinese consortium led by CGN holds a 33.5% stake in the HPC project that CGN and EDF will jointly construct and operate. The Hinkley Point C project poured the first batch of concrete at the nuclear island corridor in March, and the project is now well underway.
In synchronization with the BRB project company, GNS was also formally established. GNS, a joint venture between CGN and EDF, it is mainly responsible for the GDA of Hualong One technology, with its 66.5% shares held by CGN and 33.5% shares by EDF, said He Yu.