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Russian government to allocate 150 billion rubles to fund Hanhikivi NPP project in Finland

January 16, 2015, 19:02 UTC+3 MOSCOW
It is expected that the Hanhikivi-1 nuclear plant project will ensure Russia’s budgetary incomes worth €4.5 billion over the project’s period
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© Archive ITAR-TASS/Ilya Yakovlev

MOSCOW, January 16. /TASS/. Russian government has decided to allocate €2.4 billion in the ruble denomination, but not more than €150 billion, from the National Welfare Fund to sponsor the Hanhikivi nuclear power plant project Russia’s state nuclear corporation Rosatom is implementing in Finland, according to a release posted on the governmental website on Friday.

According to the document, financing will be provided through loans worth about €2 billion secured by the export crediting agencies and through loans from other sources.

Shareholders’ capital as of the date of the nuclear plant’s putting into commercial operation is to amount to €1.66 billion.

According to the document, it is planned to allocate €35.5 billion (€470.2 million) to fund the project in 2015, a total of 51.2 billion rubles (€678.2 million) — in 2016, and 41.3 billion rubles (€547 million) — in 2017.

It is expected that the Hanhikivi-1 nuclear plant project will ensure Russia’s budgetary incomes worth €4.5 billion over the project’s period.

The Hanhikivi-1 nuclear power plant project

In December 2013, Rusatom Overseas, a sister company of the Rosatom State Corporation for Atomic Energy, and Finland’s Voimaosakeyhtio SF signed a shareholder agreement regulating the procedure of managing and financing Fennovoima Oy that would build the Hanhikivi-1 nuclear plant in Finland. Along with the construction contract, a ten-year fuel contract was signed with Russia’s company TVEL. Rosatom paid a sum of €35.9 million for its share in the Finnish nuclear plant’s contractor.

About 15 Finnish companies have already decided to join the Hanhikivi-1 project. Their names have not yet been announced but they are reportedly based in the Oulu municipality in northwestern Finland near the would-be plant’s construction site.

The companies plan to invest €24 million in the project that will give them a 1.25% stake. The decision on investments will be taken after the project is approved by the country’s government and parliament for the second time. In June, the Oulu city administration announced its plans to take part in the project, claiming for about one percent stake in it.

Currently, Fennovoima is taking effort to attract more Finnish shareholders to the construction of the nuclear plant. They may receive up to 16% of shares.

 

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