BEIJING—China National Nuclear Power Co. said it has received final approval from the Ministry of Environmental Protection to move forward with its planned initial public offering.
The move is in line with China's long-term ambitions for nuclear power, which include building as many as 100 reactors over the next two decades to help shift away from coal as a fuel source.
The state-owned nuclear power operator said in June that it had received preliminary approval from the ministry to move ahead with an IPO to finance five power projects valued at 173.5 billion yuan ($27.3 billion).
At the time, analysts said the deal could raise as much as $5.4 billion for the Chinese government.
The ministry's approval is a necessary step before China National Nuclear can file for a listing with the China Securities Regulatory Commission. It isn't clear when the company will officially file for an IPO, which could still be months or even years away.
"The [environmental] ministry hasn't found anything that violates nuclear safety regulations and hasn't found any unsuitable behavior for us not to give approval for environmental protection compliance for the company's plan to get listed," China National Nuclear said on its website Friday.
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