(Yicai Global) Aug. 11 -- Zhejiang Zheneng Electric Power Co. [SHA:600023] plans to invest more than USD15 million (CNY100 million) to participate in the establishment of two joint ventures that will construct a nuclear power plant and a marine nuclear energy project.
Zhejiang Zheneng Electric Power said yesterday that it will work with CNEC High Temperature Reactor Holdings Co., a wholly-owned subsidiary of China Nuclear E&C Group (CNEC), to back and set up a joint venture -- Zhejiang Sanmen High Temperature Reactor Power Station Co. Zhejiang Zheneng Electric Power will pay CNY14.7 million for a 49-percent stake in the JV, while CNEC High Temperature Reactor Holdings will chip in CNY15.3 million for 51 percent.
The JV will be responsible for building of a nuclear power plant with a high-temperature gas-cooled reactor in Sanmen Bay, Zhejiang province, Zhejiang Zheneng Electric Power said. High-temperature gas-cooled reactors are considered a part of the world's fourth-generation of advanced nuclear reactors. The Chinese government recognizes CNEC as a high-temperature reactor technology developer , and its subsidiary, CNEC High Temperature Reactor Holdings, has some experience in developing high-temperature gas reactors.
Zhejiang Zheneng Electric Power said in a separate announcement that it will invest CNY90 million, which represents a 9-percent stake, to jointly establish CNNP Marine Nuclear Power Development Co. Stakeholders of the JV include China National Nuclear Power Co. [SHA:601985], the largest shareholder with a 51-percent stake, Shanghai Guosheng (Group) Co., Jiangnan Shipyard (Group) Co. and Shanghai Electric Group Co. [SHA:601727].
CNNP Marine Nuclear Power Development will work to advance nuclear power facilities that can be used for surface ships and maritime integrated platforms to promote the industrial expansion of China's marine nuclear energy equipment.