- First private-backed nuclear project enters commercial operation
- Hualong One deployment advances as reforms deepen
China General Nuclear Power Corporation (中广核) has begun commercial operations at Unit 1 of the San’ao Nuclear Power Plant, marking a new milestone for China’s domestically developed Hualong One technology and its first nuclear project backed by private capital.
Located in Cangnan, Wenzhou, the San’ao project is planned to host six Hualong One units with total investment of about 120 billion yuan ($17.55 billion).
Once fully completed, the plant is expected to generate more than 54 billion kilowatt-hours of electricity annually—enough to meet the needs of over 5 million people.
Meanwhile, it will cut coal consumption by 16.35 million tons, reducing carbon emissions by around 50 million tons each year.
The project is also a flagship example of China’s mixed-ownership reform in the energy sector.
In 2020, Zhejiang opened nuclear investment to private players, with Geely Technology Group (吉利科技集团) securing a 2% stake, becoming the first private investor in a domestic nuclear project.
CFO Chen Shengjie said the deal was completed in less than a month, highlighting the speed enabled by private-sector decision-making.
“We moved from submitting the investment proposal on March 10, 2020 to completing shareholder registration changes by April 3, closing the deal in under a month and setting a new pace for collaboration,” he added.
Authorities have since expanded private participation, raising the shareholder cap for private capital from the initial 2% to 10% and most recently to 20%, with Geely now preparing to deepen its involvement in the project’s second phase.
