HomeBusinessChina inks $8 billion nuclear power plant deal in Argentina

China inks $8 billion nuclear power plant deal in Argentina

State-owned China National Nuclear Corp (CNNC) has signed a contract in Argentina to construct the $8 billion Atucha III nuclear power plant utilizing China’s Hualong One expertise, reviving a deal that had been stalled for years.

CNNC mentioned on its WeChat account late on Tuesday that it had signed an engineering, procurement and building (EPC) contract, which comes forward of Argentine President Alberto Fernandez’s journey to China later this week.

Progress on the nuclear deal between the 2 nations had stalled because it was first negotiated by the administration of former President Cristina Fernandez, a left-wing populist who left workplace in 2015. She is now Argentina’s vice chairman.

Argentina’s authorities mentioned in a press release that the development mission “involves an investment of over $8 billion” for engineering, building, acquisition, commissioning and supply of a HPR-1000 kind reactor.

“Atucha III will have a gross power of 1,200 MW and an initial useful life of 60 years, and will allow the expansion of national nuclear capacities,” it mentioned, including that building was set to start out on the finish of this 12 months.

Details of financing of the nuclear power plant deal weren’t obtainable. The reactor shall be put in in the city of Lima in the province of Buenos Aires.

China developed Hualong One, a 3rd era pressurised water nuclear reactor power plant expertise, to rival the Westinghouse-developed AP1000 and Europe’s Evolutionary Pressurised Reactor (EPR) expertise.

China has began working its personal Hualong One reactor in the southeast Chinese province of Fujian. The Argentina mission would be the second abroad location utilizing Hualong One expertise after Pakistan.

(Reporting by Shivani Singh in Singapore and Adam Jourdan in Buenos Aires; Editing by Simon Cameron-Moore and Paul Simao)



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