Rosatom demanded compensation from Finland due to the failure of the nuclear power plant construction project
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In 2022, Fennovoima unilaterally terminated the contract for the construction of the Hanhikivi-1 nuclear power plant in Finland. “Additionally, the group’s organizations have filed demands for early repayment of the loan provided by Fennovoima Oy,” the document says.
In addition, the Russian company is demanding compensation for the value of its Fennovoima shares in connection with the termination of the shareholder agreement.
The Hanhikivi-1 NPP project provided for the construction of a single-unit nuclear power plant with a capacity of 1200 MW based on a Russian-designed VVER 1200 generation 3+ reactor at Cape Hanhikivi (Northern Ostrobothnia, Finland). The customer, owner and operator of the nuclear power plant is the Finnish design company Fennovoima Oy. According to the EPC contract signed in December 2013, RAOS Project acted as the general supplier of Hanhikivi-1 NPP. The cost of the project with the participation of Rosatom was estimated at 7-7.5 billion euros. Construction was expected to start in 2023, with the plant commissioning taking place in 2029.
In May 2022, Fennovoima terminated the contract with the RAOS Project. Fennovoima said “work has been dragged out in recent years” and fighting in Ukraine has exacerbated the situation. On May 24, Fennovoima withdrew its application for a license to build a nuclear power plant.
At the end of August last yearRosatom” filed six lawsuits against Fennovoima for a total of $ 3 billion. Before that, also in August, the Finnish company filed a lawsuit against the state corporation for a total of about 2 billion euros. Joachim Specht, CEO of Fennovoima, explained that this amount, in particular, includes the return of an advance payment of 800 million euros and interest payments of 200 million euros.
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