On the very same day that China declared one of its nuclear power energy companies is mulling an initial public offering (IPO) to fund its projects, another company has announced receiving funding boost from its parent company.
CPI Jiangxi Nuclear Power Co. Ltd. said on Tuesday it is poised to receive $63.3 million from China Power Investment Corp. to continue the development of the Pengze nuclear plant project.
The Pengze nuclear plant project was one of the many nuclear power projects ordered suspended by the federal government after it launched a massive safety and stress tests on all existing nuclear power plants in the country following the nuclear radiation disaster brought by the meltdown of Japan's Fukushima plant in 2011.
The Pengze nuclear plant project forms part of the first batch of inland nuclear plants approved in 2008 by the National Development and Reform Commission of China.
In May, China's Cabinet approved "in principle" a proposed plan on nuclear safety for the five years ending 2015 and long-term targets for 2020.
According to Amir Adnani, chief executive of Uranium Energy Corp., China targets to increase and build its nuclear capacity to 70 gigawatts (GW) by 2020.
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