As the first new nuclear power station to be built for a generation, the scheme will see two nuclear reactors built on the Hinkley Point site in Somerset.
However, as part of the approval government ministers will impose a new legal framework for future foreign investment in Britain's infrastructure, which will include nuclear energy and will apply after Hinkley.
It is estimated up to 26,000 jobs will be created during the construction phase, after which Hinkley Point C will provide 7% of Britain's electricity needs for 60 years.
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Greg Clark, Secretary of State for Business, Energy and Industrial Strategy, said: "Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the Government's agreement. Consequently, we have decided to proceed with the first new nuclear power station for a generation.
"Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security."
Jean-Bernard Lévy, Group CEO of developer EDF, added: "The decision of the British Government to approve the construction of Hinkley Point C marks the relaunch of nuclear in Europe. It demonstrates the UK's desire to lead the fight against climate change through the development of low carbon electricity. This decision demonstrates confidence in the EPR technology and in the world renowned expertise of the French nuclear industry."
(LM/CD)
