China and France on Monday launched a long-awaited nuclear power plant joint venture, to be located in southern China's Guangdong province, China National Radio reported.
The Taishan Nuclear Power Corp, 70 percent owned by China Guangdong Nuclear Power Corp and 30 percent by EDF, is responsible for financing, building and operating the first phase of the Taishan Nuclear Power Plant.
The joint venture was formally kicked off during a visit to Beijing by French Prime Minister Francois Fillon.
The first phase of the Taishan Plant, consisting of two European pressurized reactors (EPR) with capacity of 1.75 gigawatts each, will cost 49.8 billion yuan ($7.30 billion).
It is scheduled to start operation in 2014. China's National Development and Reform Commission approved the project in October 28 this year, as part of the country's ambitious plan to raise nuclear power capacity to at least 40 GW by 2020.