Private company
Fennovoima
Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons3
Finnish nuclear power company
Fennovoima Ltd (Finnish: Fennovoima Oy) is a nuclear power company established by Russian state's nuclear company Rosatom and a consortium of Finnish state-owned power and industrial companies. The company does not own any nuclear capacities; however, it was preparing to build the 1200 MW Hanhikivi 1 nuclear power plant at Pyhäjoki. Fennovoima terminated the project in May 2022, citing significant delays and Rosatom's "inability to deliver the project".2 Wikipedia text CC BY-SA 4.0
Last updated Oct 21, 2026.
Overview
- Industryenergy industry, nuclear power1
- HeadquartersRuoholahti1
- Websitewww.fennovoima.fi
- Legal formosakeyhtiö1
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Fennovoima Ltd (Finnish: Fennovoima Oy) is a nuclear power company established by Russian state's nuclear company Rosatom and a consortium of Finnish state-owned power and industrial companies.2
Products and brands
On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor. The decision was approved by the Parliament on 1 July 2010. The estimated construction time is six years until 2024.
The chosen plant model was Rosatom's pressurized water reactor AES-2006 which is the latest evolution of VVER plant designs. The other bidders for the project were Areva and Toshiba.
Fennovoima began direct negotiations with Rosatom in April 2013. On 21 December 2013, Fennovoima and Rosatom Overseas, a subsidiary of Rosatom, signed a plant supply contract. The plant was planned to be commissioned by 2024.
On 28 February 2014 Voimaosakeyhtiö SF made the final decision to participate in Fennovoima's nuclear power plant construction. The final investment decision was to be made in 2014.
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Fennovoima submitted an application at the end of June 2015 including the stakeholder with a 35 percent share of the Russian firm Rosatom and a percent share of Croatian power company Migrit Energija. In August 2015, the public was informed that Migrit Solarna Energija would not be involved in the venture after it was reviewed to be owned by Sberbank Russia.
Fennovoima terminated the project in May 2022 due to significant delays and Rosatom's "inability to deliver the project". The company added that the Russian invasion of Ukraine further increased the risks of the project.
From Wikipedia’s article on Fennovoima, shared under CC BY-SA 4.0.4
Controversies and legal
Criticism and finances
In July 2015 less than a third of Finns supported a Fennovoima nuclear plant.
The company's financial plans assume the plant will be able to sell electricity at no more than 50 €/MWh across its lifetime, while the International Energy Agency estimates LCOE of 150 $/MWh for nuclear in the EU in 2020 (115 $/MWh in 2050), twice as expensive as offshore wind (75 $/MWh).
From Wikipedia’s article on Fennovoima, shared under CC BY-SA 4.0.4
Timeline
- 2007Founded Founded1
Links
- Websitewww.fennovoima.fi1
- X (Twitter)x.com/Fennovoima1
- Facebookwww.facebook.com/fennovoima1
- WikipediaFennovoima
- More imagesWikimedia Commons
- WikidataQ3278155
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataFennovoima on Wikidata
- 2WikipediaFennovoima on Wikipedia
- 3Wikimedia CommonsFennovoima logo by Unknown author Unknown author, Public domain
- 4