Presidential aide Yury Ushakov told reporters that Russian nuclear power firm Rosatom would be signing a deal with Fennovoima for the construction of a nuclear plant in northwest Finland. Fennovoima is Finnish nuclear consortium licensed to build the nuclear plant in Pyhäjoki. Rosatom would become its main contractor. Both companies would be signing the contract at the end of this year.
Both companies will still need to thresh out the details of the agreement. These include the schedule, financing and Rosatom's 34% stake in the project. Earlier this year, Fennovoima Board Chairman Pekka Ottavainen said the stakeholders of Fennovoima would decide in October if the project would continue. Some Fennovoima stakeholders were facing financial setbacks due to poor profitability in their businesses.
The 1,200-megawatt Pyhäjoki plant is estimated to cost anywhere from USD 5 to US 8 billion. The Finnish company earlier said that two other possible contractors for the nuclear power plant were France-based Areva and Japan-based Toshiba.
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