China has agreed to finance and build two nuclear power plants in Argentina in a deal that will showcase Chinese technology and could be worth up to $15bn, according to Chinese state media and reports from Argentina. The agreement, signed in Turkey during the G20 meetings, will see China provide most of the financing for the two new plants at a time when Argentina is locked out of global credit markets.

The first plant will cost about $6bn and use Canadian “Candu” nuclear technology while the second will use China’s homegrown Hualong One reactor, which Beijing is trying to promote for export around the world.

Both will be built by state-owned China National Nuclear Corp in co-operation with Argentina’s state-owned Nucleoeléctrica.

CGN has already agreed to take a one-third stake in the French group EDF’s £18bn ($27bn) Hinkley Point power station, and wants to build a series of new reactors in the UK.

Analysts say success in exporting its nuclear technology to Britain will help China sell more nuclear plants around the world because of the perceived rigour of the UK’s regulatory regime.

Chinese economic planners have identified more than 60 countries between China and Europe as potential customers.