Chinese nuclear firm unveils $117.6B investment plan

China National Nuclear Corp plans to invest $117.6 billion to expand its business over the next decade.

Total investment in nuclear power plants with CNNC holding controlling stakes is expected to touch 500 billion yuan by 2015, said CNNC vice president Sun Youqi.

CNNC told China Daily the firm would also look overseas for uranium resources to feed the firm’s current construction of 10 nuclear reactors and 12 approved reactors. CNNC plans to list its subsidiary, CNNC Nuclear Power Company, to fund the expansion.

"We plan to rope in strategic investors by the end of this year," said Chen Hua, president of CNNC Nuclear Power Co Ltd. "Our company will get ready for listing in the first half of next year," Chen added.

Beijing has stepped up investment in nuclear power in an effort to slash carbon emissions and reduce the nation's heavy reliance on coal, which accounts for 70 per cent of its power needs but is highly polluting.

China aims to increase nuclear power capacity to 70-80 gigawatts by 2020, accounting for about five per cent of the country's total installed power capacity, the report said, citing unidentified industry sources.