France’s EDF and China Guangdong Nuclear Power Corp (CGNPC) will develop a $7.3bn nuclear power plant in Taishan, China, through a new joint venture.

The new joint venture firm, Taishan Nuclear Power, will build and operate the first phase of the plant in Taishan on China’s southern coast.

EDF will hold a 30% stake in the scheme while the remaining will be held by the Chinese partner.

The plant comprises of two European pressurised reactors, each with a capacity of 1750MW.

An engineering joint venture has been formed between Areva CEPFI.PA and CGNPC as part of technology transfer for the plant.

The plant forms part of China’s plan to increase its nuclear power capacity to at least 40,000MW by 2020, according to Reuters.

The Taishan plant is scheduled to begin operations in 2014.