Britain's Prime Minister Theresa May has approved a $24 billion nuclear plant deal, known as Hinkley Point Project.

The nuclear power plant project would be financed by French and Chinese firms. The state-owned China General Nuclear Power Corporation (CGN) will have a 33.5 percent stake in the power plant. The remaining portion will belong to France's EDF.

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However, the UK has imposed certain limitations on the project. The stakeholders will not be able to dispose of their claims without obtaining the approval of the government. CNN reported that the Hinkley Point Project has been controversial from the start.

The UK government expects the project to provide seven percent of the country's power over the net 60 years. The country currently has eight nuclear plants which account for 20 percent of its power supply. However, most of the plants are becoming obsolete and may be required to be shut down.

May put the project under review after assuming the office. China severely criticized the move. CGN also plans to build its own nuclear reactor at Bradwell. According to The Guardian, the state-owned firm is also interested in carrying out another project in Suffolk.

CGN has expressed pleasure over the approval of the project. The corporation stated that it has worked in close collaboration with EDF for decades. The Chinese firm is expected to hold a two-third stake in Bradwell project while its share in Sizewell is likely to be 20 percent.

TagsHinkley Point Project, EDF, China General Nuclear Power Corporation, Theresa May, CGN, Sizewell