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April 12, 2022

Rosatom subsidiary to develop Finnish nuclear power project

The power plant's future is uncertain as the Finnish Government may not approve its construction.

RAOS Project, the Finnish branch of Russian nuclear power firm Rosatom, will continue with its plan to build the Hanhikivi I nuclear power plant in Finland.

Reuters has reported that the company will develop the 1.2GW plant despite uncertainty over government permits following Russia’s invasion of Ukraine.

Hanhikivi I will be located in the coastal municipality of Pyhäjoki on the shore of the Baltic Sea in Northern Ostrobothnia, Finland.

The nuclear facility will feature a 1,200MW AES-2006 pressurised water reactor, which has a maximum thermal power of 3,200MW and a 60-year service lifetime.

The plant was commissioned by Fennovoima, a Finnish-Russian consortium.

Finnish companies, including Outokumpu, Fortum and SSAB, hold a two-thirds stake in the project, with the remaining interest held by Rosatom’s subsidiary RAOS Voima.

Following the Russian invasion of Ukraine, Finnish Economic Affairs Minister Mika Lintila said that it would be ‘absolutely impossible’ for the Finnish government to give permission to build the Hanhikivi I plant.

Fennovoima had expected to secure the construction licence from the Finnish Government this year to start building the power plant next year.

According to Reuters, Finnish stakeholders are planning to withdraw from the nuclear power project and write down the project, but are not willing to pay RAOS Project for breaching existing contracts and possible insurances.

In an email to Reuters, RAOS Project said: “Rosatom and RAOS Project continue fulfilling their obligations under signed agreements and contracts relating to the Hanhikivi I project.

“RAOS Project, as the supplier, is acting based on and in accordance with the engineering, procurement and construction contract signed in December 2013 with Fennovoima.”

RAOS Project is understood to have begun preparatory works such as cabling and excavation at the site but would require government licensing to start construction works.

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