China's first nuclear power project with minority private investment achieved a major milestone this week as its No. 1 unit connected to the grid in Zhejiang province. The China General Nuclear (CGN) San'ao plant marks a strategic shift toward diversified energy investment, with Geely Technology Group holding a 2% stake in its initial phase.
The project's second phase will see private capital rise to 10%, reflecting Beijing's push to expand non-state participation in critical infrastructure. Once fully operational, the Wenzhou-based facility will host six Hualong One reactors – China's flagship third-generation nuclear technology currently powering domestic and international projects, including two units in Pakistan.
Deputy General Manager Ding Jingying of CGN Cangnan Power Company highlighted the plant's transformative potential: "When completed, the six reactors could generate 54 billion kWh annually – nearly matching Wenzhou's current total electricity consumption. This would cut 50 million tonnes of CO2 emissions yearly while powering 5 million residents' lives and industries."
The development comes as Hualong One establishes global dominance, leading in both operational and under-construction units worldwide. Analysts note this project's hybrid funding model could reshape Asia's energy investment landscape, offering new opportunities for public-private partnerships in clean energy transitions.
