British and Chinese officials tour a new plant in Taishan Pool, Getty Images

British and Chinese officials tour a new plant in Taishan. China will work with Argentina to help that country build a pair of nuclear power reactors.

China Signs $15 Billion Nuclear Deal with Argentina

China National Nuclear Corp will work with Nucleoelectrica, both state-owned companies, to build Argentina's fourth and fifth reactors.

BEIJING — China National Nuclear Corp, which is owned by the state, will finance and build two nuclear power plants in Argentina in a deal estimated to be valued at nearly $15 billion.

The company will work with Argentina's state-owned company Nucleoelectrica to build the South American nation's fourth and fifth reactors, CNNC said Monday in a statement posted on its website. The agreement was reached over the weekend at the G20 summit in Turkey. 

The Argentine government estimates the project will require $15 billion in financing, Economy Minister Axel Kicillof said in a statement issued by the country's Ministry of Planning, which announced the deal.

China will provide a portion of the financing for the projects through investment and bank loans at preferential rates, according to the official statement.

One reactor will use Canadian heavy-water technology, while the other will feature China's locally developed Hualong One reactor, CNNC said. 

Chinese state-owned energy companies have been attempting to promote the country’s homegrown nuclear technology and strike energy deals worldwide. Last month, China vowed to take a one-third stake in Britain's first nuclear power plant in decades, and will provide $9.1 billion in financing for the project hailed by Prime Minister David Cameron as a "historic deal.”

Copyright Agence France-Presse, 2015

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