China General Nuclear inks deal with Romanian nuclear power plant

It could help CGN's future development.

It has been reported that China General Nuclear (CGN) has moved ahead in its tender for a Romanian nuclear power plant.

According to a research note from Maybank Kim Eng, CGN has signed a letter of intent with Romania’s Nuclearelectrica.

The report noted that if CGN gets the project, it may own at least 51% to help build two nuclear reactors. Also, construction cost could be ~EUR 5b.

The report said that CGN is the only bidder and if it gets the project, it could help increase global recognition of Chinese nuclear power capability.

In the longer run, it could help CGN’s future development and domestic equipment companies such as Shanghai Electric (2727 HK, Not Rated) for potential overseas orders.

Here's more from Maybank Kim Eng:

Proposes new energy zone in Hebei (China Securities Journal)

China Academy of Sciences proposed adding 5GW of solar PV, 15GW of wind and etc, in the Zhangbei region.

This may drive investment of >CNY1t for next 10-15 years in the region.

Our comments: Zhangbei’s power grid is improving to support clean energy development as there should be three 500kV export channels to be commissioned at the end of this year.

As LY (916 HK, BUY) and HR (958 HK, BUY) have more exposure there, both may obtain more projects in the future, in our view.

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