The nuclear power station located about 220kms southwest of Hong Kong in Yangjiang City in Guangdong Province, comprises six nuclear power units, each having capacity of 1,086MW.
CLP CEO Richard Lancaster said: “This is a valuable opportunity for us to invest in cost-efficient, non-carbon emitting generation while further enhancing our presence in Guangdong Province of Mainland China, being a key strategic market for CLP.
“It will also represent a significant acceleration in our progress towards CLP’s Climate Vision 2050, particularly our milestone targets for 2020.”
CLP will be adding more than 1,100MW to its portfolio once all the six units of the Yangjiang Nuclear Power Station become operational.
The transaction, subject to different conditions and regulatory approvals in China, is likely to be closed in the first half of next year.
While three of the units in the Yangjiang nuclear power station are already generating commercial power, three others are under construction.
The three units are scheduled to be commissioned between 2017 and 2019.
Power generated from the commissioned units is currently supplied to Guangdong Power Grid, the region’s power grid company.
The six nuclear power units are based on the pressurised water reactor technology which is commonly used in most of the nuclear power units across the world.
CLP has estimated its overall investment in the Hong Kong nuclear power project to be around RMB7bn ($1bn) after the inclusion of other expenditure apart from the bid cost.
In June, CLP made its first investment in Indian solar industry through a joint venture with Suzlon Group to develop a 100MW solar energy farm in Telangana state.
Image: CLP Group headquarters in Hong Kong in 2007. Photo: courtesy of Chong Fat and Wikipedia.
