Fennovoima

Fennovoima is a Finnish energy company established in 2007. Its primary objective was to construct and operate a new nuclear power plant in Finland, aiming to provide a stable and emission-free source of electricity. The company is owned by a consortium of Finnish industrial and energy companies, with Voimaosakeyhtiö SF holding the majority stake.

The planned nuclear power plant, named Hanhikivi 1, was to be located in Pyhäjoki on the west coast of Finland. Fennovoima selected a VVER-1200 reactor design from the Russian company Rosatom for the project. The construction of the plant was subject to significant delays and faced numerous regulatory hurdles.

In May 2022, Fennovoima announced that it had terminated the EPC (Engineering, Procurement, and Construction) contract with RAOS Project, a subsidiary of Rosatom, for the Hanhikivi 1 nuclear power project. The company cited significant delays and the inability of the supplier to fulfill its contractual obligations as reasons for the termination. This decision effectively ended the Hanhikivi 1 project as originally planned. Fennovoima is now exploring alternative energy solutions for the future.