The British government and the French state-controlled utility company, EDF Group, have agreed to build the U.K.’s first nuclear power plant in a generation. The new plant, to be built at Hinkley Point in southwest England, is part of the British government’s ongoing efforts to cut carbon emissions in half by the mid-2020s. To meet that goal, the U.K. plans to renew some of its existing nuclear plants and build several new plants to replace aging ones, the New York Times reports. Once completed, the Hinkley Point nuclear power station will supply 7 percent of the country’s electricity — enough to power 6 million homes. Consumers and taxpayers will cover most of the projected Â£16 ($26 billion) overall cost, but the proposed project is expected to face opposition since EDF will be guaranteed a price of roughly Â£90 ($145) per megawatt hour for 35 years, a rate that is considerably higher than current electricity costs.