Brussels , Dhu-AlHijjah 14, 1435, Oct 8, 2014, SPA -- The European Union gave the go-ahead Wednesday to Britain's plans to build its first new nuclear power plant in 20 years, drawing criticism from environmentalists, according to dpa. The double-reactor plant at Hinkley Point in south-west England would come online in 2023 and operate for about 60 years. At full capacity, it could meet as much as 7 per cent of the country's energy needs. The EU does not have a say in where its member states get their energy from. But its executive, the European Commission, intervened in this case because Britain will subsidize the project. The construction costs alone are estimated at 24.5 billion pounds (39.4 billion dollars). The project will also require some 17 billion pounds in debt financing, according to the commission. To get the commission's approval, Britain agreed to ask a higher guarantee fee than initially planned from the plant's operator, a move that the EU estimates will decrease the state subsidy by more than 1 billion pounds. The commission also required measures to ensure that the project's gains are shared with British taxpayers. "The UK measures in favour of Hinkley Point nuclear power station have been significantly modified, limiting any distortions of competition," EU Competition Commissioner Joaquin Almunia said. "The commission can now conclude that the support is compatible with EU state aid rules," he added. But the decision was slammed by environmental organizations and Green politicians. French-owned energy company EDF has been chosen to build the Hinkley Point plant. Two Chinese companies, CGN and CNNC, are also to take a combined stake of 30 to 40 per cent, according to EDF. The Stop Hinkley Campaign said the approval was "clearly illegal" under European law and has written to the commission demanding a review of the decision. "This could mean that UK electricity consumers are saddled with paying out up to 17.6 billion pounds to EDF Energy and its Chinese partners over the 35 years from 2023, for a deal which has been stitched up without any sort of competitive process," according to the letter. "This is a world-record sellout to the nuclear industry," Andrea Carta of international environmental group Greenpeace said. "There is absolutely no legal, moral or environmental justification in turning taxes into guaranteed profits for a nuclear power company," Carta continued. Green EU parliamentarian Reinhard Buetikofer said: "Nuclear should be ... excluded from state aid. (The commission) is now opening a new door for lavish nuclear subsidies. That is an about-face and a major setback for the European energy transition." --SPA 15:00 LOCAL TIME 12:00 GMT www.spa.gov.sa/w