(Yicai Global) Sept. 12 -- China National Nuclear Power Co. (CNNP) [SH:601985] is leading a group of companies, including coal giant Shenhua Group Corp., to develop a USD153-million (CNY999.4 million)  nuclear power plant with Generation IV reactors in north China's Hebei province.

CNNP will pump USD53.67 million into the joint venture and hold a 35-percent stake in the project.

The new firm will operate the TWR-300 traveling-wave reactor demonstration plant and be responsible for its preliminary development and construction.

The consortium will also invest USD115 million to set up an investment company for traveling-wave reactors and related technologies. The lead investor's wholly-owned subsidiary CNNP Technology Investment Co. will be the largest shareholder with 35 percent of equity.

Traveling-wave reactor technology can burn barren and abandoned nuclear material to generate huge amounts of energy, and is currently the most advanced nuclear power technology in the world.