China eyes Brazil's stalled Angra 3 nuclear project
China National Nuclear Corporation (CNNC) could buy a stake in the stalled Angra 3 nuclear power project as part of a cooperation agreement with Brazilian state-run firm Eletronuclear.
The companies signed a memorandum of understanding for future partnerships following talks in China, Eletronuclear said in a statement on Tuesday.
Interim Eletronuclear CEO Bruno Barretto said earlier this month negotiations would focus on securing new investments for the troubled 1.35GW Angra 3 project in Rio de Janeiro state (pictured).
The talks also involved China's State Nuclear Power Technology Company (SNPTC), and several Chinese banks.
Construction work on Angra 3 was halted late last year after contractors alleged they had not been paid. The project has also been a target of Brazil's sprawling Lava Jato corruption probe.
See BNamerica's risk analysis for the Angra 3 project here
Originally slated to begin operating this year at a cost of 10bn reais (around US$3bn), the project is now estimated to require 19.6bn reais and is not expected to come online until at least 2021.
Eletronuclear is a subsidiary of federal power holding company Eletrobras.
In its search for new investors, Eletronuclear has also held talks with France's EDF, South Korean group Kepco and Russia's Rosatom.
A snag in negotiations is a Brazilian law that prohibits the operation of nuclear power plants by private or foreign firms.
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