Britain to guarantee $3 billion Chinese investment in UK's first new nuclear plant in 20 years
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The British government says it will underwrite 2 billion pounds ($3.1 billion) in Chinese financing for a new nuclear power plant in southwest England, as it encourages major Chinese investment in Britain's nuclear sector.
Treasury chief George Osborne, who is on a trip to China, says Britain will underwrite China's stake in the Hinckley Point power station. He says the deal "opens the door to majority Chinese ownership of a subsequent nuclear project" planned for England's southeast.
British officials hope Monday's announcement will encourage France's EDF Energy, the lead investor, to make a final decision this year to build the plant, which would be Britain's first new nuclear station in two decades.
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The project, which had been due to start producing electricity in 2023, has been mired in delays.