Finland’s Next Nuclear Reactor Gets Green Light

Mysterious investor from Croatia will not be an equity partner

According to English language news media reports from Helsinki, Finnish Prime Minister Sipilä confirms that the Fennovoima nuclear plant will be built in Pyhäjoki. Economic Affairs Minister Rehn said that issues regarding domestic ownership criteria have been cleared up. A mysterious investor from Croatia will not be an equity partner on the project.

Minister of Economic Affairs Olli Rehn has given a green light to the proposed Hanhikivi nuclear power plant, to be built near Rauma on Finland’s west coast.

Rehn said that the consortium that plans to build Finland’s third nuclear plant now has the required 60 percent domestic ownership level. Energy giant Fortum said it will acquire a 6.6 percent share in the venture which put it over the top.

Other equity investors include the construction firm SRV, which is to be a building subcontractor on the site, said it will take a 1.8 percent share. Steel manufacturer Outokumpu, whose huge Tornio steelworks will be the biggest consumer of Fennovoima electricity, increased its ownership share by 1.8 percent to 14.1 percent.

At a press conference in Helsinki on 8/3, Rehn said the companies made their decisions “completely independently.” The state owns 50.8 percent of Fortum and about 28 percent of Outokumpu.

Regn added that the small Croatia-registered firm Migrit Solarna Energija will not be involved in the venture. On June 30, the Fennovoima consortium announced that the previously-unknown firm would join in. It said at the time that this would assure the required EU/EEA ownership level. Rehn later rejected the proposal after it became clear that Migrit’s financing comes from Russia.

Nuclear safety authorities must still approve the Pyhäjoki plant, including its waste disposal plan.

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