Areva Signs Major Nuclear Deal With China

French nuclear conglomerate Areva has signed a deal with China Guangdong Nuclear Power Corporation that will see the parties build two European pressurized reactors in the Guangdong province of China for an estimated E8 billion.

Through a series of agreements, Areva, in conjunction with China Guangdong Nuclear Power (CGNPC), will build two new-generation European pressurized reactors (EPRs) and will provide all of the materials and services required to operate them. An engineering joint venture is also scheduled to be created.

An additional deal was signed, under which CGNPC has agreed to buy 35% of the production of UraMin, Areva’s uranium mining subsidiary.

At the same time, a further agreement was reached between China and France opening the way to industrial co-operation in the back-end of the nuclear fuel cycle. Under this agreement, China National Nuclear Company and Areva have agreed to undertake feasibility studies related to the construction of a spent fuel reprocessing and recycling plant in China.

Anne Lauvergeon, CEO of Areva, said: “A new era is opening in the durable and constructive nuclear energy partnership between our two countries. This partnership represents a major step in the history of the Areva group. It is the largest international commercial contract ever won by the French nuclear industry.”