The Russian-backed project has received 115 favourable votes in the Finnish Parliament with 74 opposing the construction.

Russian nuclear power company Rosatom will be responsible for the finance and supply of nuclear fuel for the proposed power plant, reports Reuters.

Scheduled to commence operations in 2024, the power plant will be constructed on the northwest coast of Finland with an estimated investment between €4bn ($4.9bn) and €6bn ($7.3bn), reports Wall Street Journal.

Fennovoima CEO Toni Hemminki said: "The Hanhikivi 1 nuclear power plant will generate emission-free electricity for Fennovoima’s owners at a predictable and reasonable price for decades to come.

"This large-scale investment will create jobs and give a much-needed boost to the economy."

Meanwhile, Fennovoima, together with the plant supplier, Rusatom Overseas, is preparing the design work and construction license application, which will be submitted to the government by the end of June 2015.

Rusatom Overseas is negotiating with main suppliers and contracts are expected to be signed by the end of the current year.

In early 2014, Finland and Russia signed an agreement on the strategic partnership in nuclear power.

Image: Finland signed an agreement on the strategic partnership for nuclear power with Russia in 2014. Photo: Courtesy of The State Atomic Energy Corporation ROSATOM.