The UK's first new nuclear power station to be built in a generation looks likely to be constructed on the north Somerset coast.
The biggest stakeholders in the project will be French government-owned energy company EDF and the China General and China National Nuclear Corporations.
The chosen site, which was approved by the British government this morning, is close to an existing nuclear power station, known as Hinkley Point B, and part of the development will include upgrading these facilities to increase output.
Among the terms of the deal announced this morning with EDF is that the British government will agree to buy electricity produced by the new power-generating plant at an agreed price.
But critics say that this price, which is twice the current market rate, will mean consumers paying much higher prices for their energy.
Energy and climate change minister Ed Davey, however, says the deal is "competitive" with other current projects to generate new 'clean' energy.
Hinkley Point C is expected to create about 25,000 construction jobs, and employ 900 permanent staff once it is operational.
A final decision on the investment is expected by next July, and if construction then goes ahead, its first power is likely to come on stream in 2023.