Finnish state-controlled utility Fortum has announced plans to acquire 6.6% stake in the 1,200MW Hanhikivi 1 nuclear power plant to be developed by Finnish consortium Fennovoima in Pyhäjoki in northern part of the country.

Separately, Finland-based construction and project management company SRV has agreed to acquire 1.8% stake in the Fennovoima project while Finnish stainless steel maker Outokumpu plans to increase its share from 12.3% to 14.1% in the project.

With the backing of these three Finnish companies, the project meets and exceeds the government’s condition set out in the decision-in-principle which involves the project to be owned at least 60% by the European Union.

Scheduled to be commissioned in 2024, the project is located in the coastal municipality of Pyhäjoki on the shore of the Baltic Sea in Northern Ostrobothnia.

The nuclear facility will feature pressurised water reactor, which will be built by Rusatom Overseas, a subsidiary of the Russian state-owned Rosatom.

Fortum Interim CEO and CFO Timo Karttinen said: "With our participation, Fennovoima project will be able to utilize Fortum’s wide expertise of the nuclear sector and our technical know-how.

"Our target has not been to build a greenfield site for nuclear power in Finland as we already have two own nuclear power units in Loviisa and Fortum holds a share in Olkiluoto units.

"Our decision enables, however, Fennovoima project to proceed within the timeline the Finnish government has set to the project."

Fennovoima is 66% owned by Voimaosakeyhtiö SF, while Rosatom’s Finnish subsidiary RAOS Voima owns the remaining 34%.