Britain has pledged a two-billion-pound deal for a nuclear plant at Hinkley Point. Chancellor George Osborne announced the funding during a visit to China. He said the Hinkley Point plant was necessary to meet Britain's energy needs as older coal and nuclear plants are retired.
The new power station would be Britain's first new nuclear power plant for 20 years, and it is expected to provide power for 60 years.
China General Nuclear Corporation and China National Nuclear Corporation are involved in deal, and the two Chinese firms are expected to get a substantial stake of around 40 percent of the project. UK government acts as the guarantor for the investment while EDF serves as the lead contractor. The announcement came during Osborne's five-day visit to China, and he described the guarantee as "another move forward for the golden relationship between Britain and China"