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UK gov't gives go-ahead to Hinkley deal after new agreement


09-15-2016 16:59 BJT

The British government on Thursday gave the go-ahead to the stalled Hinkley Point Nuclear Plant project. That came after a new agreement was reached with French utility EDF.

British officials said Thursday that that the Hinkley deal would include additional measures to enhance security. The officials also said the British government has imposed significant new safeguards for future foreign investment in critical infrastructure. The safeguards will prevent the sale of EDF's controlling stake prior to the completion of the Chinese-funded plant.

New British Prime Minister Theresa May stunned investors by putting the deal on hold in July hours before it was to be signed. May said she needed time to assess the project that would see EDF build Britain's first new nuclear reactor in decades, backed by 8 billion dollars in cash from China.

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