With the approval by the board of directors, EDF will move ahead with contracts signing with the UK government, EDF’s partner China General Nuclear Power Generation (CGN), and the main suppliers for the project.

In 2015, CGN agreed to acquire 33.5% stake in the project in exchange for investing €6bn through its new company, known as General Nuclear International (GNI).

EDF earlier said in a statement: “The two EPR reactors at Hinkley Point would strengthen EDF's presence in Britain, a country where its subsidiary EDF Energy already operates 15 nuclear reactors and is the largest electricity supplier by volume.”

The project, which is estimated to cost £18bn ($23.7bn), is expected to enter service in 2025. It will create approximately 25,000 construction jobs and 900 permanent jobs.

Commenting on the decision, the nuclear industry association and engineering workers' union GMB engineering construction national officer Phil Whitehurst said: “This decision sends a clear post Brexit signal to the world that UK PLC is open for business and important, high-profile infrastructure projects like Hinkley Point mean Britain is serious about remaining a key player for decades to come.”

In 2013, the project received state aid from the UK government in the form of a subsidy of £92.50 (approximately $156) for every megawatt hour (MWh) produced by the power plant, over a 35-year period.

Image: The Hinkley Point C nuclear power plant in UK is expected to create approximately 25,000 construction jobs. Photo: courtesy of EDF Energy.