State Power Investment Corporation sealed a bundle of contracts worth 5 billion yuan ($694.8 million) related to its Guohe One nuclear power technology during a nuclear energy industry supply and demand conference held in Shandong province on July 24.

As one of China's most advanced and independently developed third-generation pieces of nuclear technology, Guohe One is one of the crowning achievements in China's nuclear power research. As part of efforts to step up strategic cooperation with Shandong province, SPIC has installed 2.5 million kilowatts of nuclear power capacity, with 5.5 million kilowatts under construction.

It has also been approved for an additional 11.5 million kilowatts of nuclear power capacity, said Lu Hongzao, deputy director of SPIC.

Shandong will continue to seize opportunities in China's nuclear power development and promote nuclear power while ensuring absolute security, said Hu Bo, head of the energy administration of Shandong province.

According to a report released by the China Nuclear Energy Association, by 2025 China's installed nuclear power capacity will reach 70 million kilowatts in operation and 30 million kilowatts under construction, with a combined capacity of 200 million kilowatts in both operation and under installation by 2035. The annual power generation capacity of a single Guohe One reactor can meet the electricity demand of more than 22 million households and can reduce greenhouse gas emissions by more than 9 million tons per year.