CHINA GENERAL NUCLEAR POWER CORPORATION (CGN) will make its investment in the UK through its new company called General Nuclear International (GNU).
EDF and CGN have also agreed the Heads Of Terms of a wider UK partnership for the joint development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex. Terms will be in final form before the final investment decision for Hinkley Point C.
The signing paves the way for the Hinkley Point C project to go ahead and sets the steps for a final investment decision subject to:
- ﬁnalisation of long form documentation based on Head of Terms agreed
- finalisation by EDF of its ﬁnancing plan
- approval by the boards Of EDF and CGN (China)
- clearance by merger control and other governmental authorities in China and Europe
from EDF’s Sizewell B Newsletter 584, October 2015
Additionally, there is another and very formidable hurdle to be overcome: and that is the Austrian Government‘s appeal to the EU Court of justice against the EU’s agreement to the UK’s Government’s huge subsidy to fund the construction of Hinkley C. A matter which could take years to resolve.