Westinghouse Electric Co. signed deals Tuesday to build four nuclear power plants in China, committing to transfer technology for its newest reactor to a Chinese partner as it gains a foothold in the country's fast-growing industry.
Westinghouse president Steve Tritch described the deal for third-generation AP1000 reactors as "multibillion-dollar contracts" but said the Chinese buyers asked the company not to disclose details.
The deal calls for Westinghouse to hand over technology for the AP1000 to China's government-owned State Nuclear Power Technology Corp., making it the basis for Chinese efforts to develop a nuclear industry.
"The signing of these contracts is a grand event for the development of China's nuclear industry," Chinese Vice Premier Zeng Peiyan told Tritch before the contract-signing ceremony.
US, European and Russian suppliers of nuclear power technology are looking to China to drive sales as revenues elsewhere slow.
China is expected to build as many as 32 nuclear plants by 2020 as it tries to meet surging power demands while cutting emissions and reducing reliance on imported oil.
China is the world's second-largest power consumer after the United States and the third-largest oil importer.
Government plans call for nuclear plants to supply 4 percent of China's power needs by 2020, up from 2 percent last year. Beijing also is promoting solar, wind and other renewable energy but is expected to continue to rely heavily on coal and oil.
