Fennovoimas

Fennovoima is a Finnish energy company established in 2007. Its primary objective was to construct and operate a new nuclear power plant in Finland. The company is owned by a consortium of Finnish industrial and energy companies, with the majority stake held by Voimaosakeyhtiö SF, a subsidiary of the industrial group UPM. Fennovoima's project, known as the Hanhikivi 1 nuclear power plant, was planned to be built in Pyhäjoki on the west coast of Finland.

The chosen reactor technology for the Hanhikivi 1 project was a Russian VVER-1200 pressurized water reactor, supplied by Rosatom. The construction of the plant was a significant undertaking, aimed at increasing Finland's domestic energy production and reducing reliance on imported fossil fuels. The project faced numerous delays and challenges throughout its development, including regulatory hurdles and changes in ownership structures.

In May 2022, Fennovoima announced that it had terminated its Engineering, Procurement and Construction (EPC) contract with Rosatom for the Hanhikivi 1 project due to significant delays and the inability of Rosatom to fulfill its contractual obligations. This decision effectively ended the Hanhikivi 1 nuclear power plant project. Fennovoima stated that it would continue to explore options for its future energy strategy. The company's focus has since shifted from the construction of a new plant to other energy-related matters.