Finnish company Fennovoima intends to proceed with plans to build a reactor in Pyhäjoki, Northern Finland even though a quarter of its shareholders have decided to pull out of the project.
Finnish company Fennovoima intends to proceed with plans to build a reactor in Northern Finland, even though a quarter of its shareholders have decided to pull out of the project.
Fennovoima is 100% owned by Voimaosakeyhtiö SF, a consortium of 60 Finnish companies. It plans to build a 1200 MW AES-2006, Russian-designed pressurized water reactor in Pyhäjoki, to start operation around 2024.
Owner companies were asked to decide whether or not to proceed in the nuclear power plant project, by 8 November.
Forty-five of the shareholders decided to continue, and have reserved just over half (50.28%) of the planned output of the 1200 MWe plant. Russian firm Rosatom ultimately plans to take a 34% ownership in Fennovoima, which means that 84% of the plant’s future electricity production has been reserved.
Over the coming weeks and months Voimaosakeyhtiö SF said it would carry out internal "ownership rearrangements," as some member companies decide to increase or decrease their shares. It is also considering taking on possible new owners for the project.
All decisions remain conditional, as negotiations between Rosatom and Fennovoima remain ongoing. The companies aim to sign the plant supply contract during 2013, Fennovoima said.
Photo: Impression of the Hanhikivi 1 nuclear power plant (Source: Fennovoima)