China's CGN, CNNC Establish Hualong Nuclear Power Joint Ventureby
CGN, CNNC will hold 50% stake each; split board seats equally
Hualong International is sole holder of Hualong One technology
China’s two biggest state-owned nuclear power operators announced a joint venture to export the country’s third-generation nuclear power reactors internationally.
A ceremony took place Thursday morning in Beijing at Hualong International Nuclear Power Technology Co.’s new headquarters, China General Nuclear Power Corp. said in an e-mailed statement. The company is an equal joint venture between CGN and China National Nuclear Corp. to develop and export the home-grown Hualong One reactor overseas, it said.
Hualong International’s chairman is Zou Yongping from CGN and general manager is Xu Pengfei from CNNC, according to the statement. CGN and CNNC will also have equal representation on the board.
CGN and CNNC signed a framework agreement in December to merge their Hualong One reactor designs and jointly market the technology internationally. China plans to build around 30 nuclear power units in countries along its “Belt and Road” initiative by 2030, CNNC chairman Sun Qin said this month, according to China Daily.
China has approved construction of six Hualong One reactors within the country, according to CGN. The company may build a Hualong One reactor at Bradwell in southern England in the future as part of an agreement signed during President Xi Jinping’s visit to the country in October.