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Russia’s revenues from Hanhikivi-1 NPP project in Finland to amount to €17.5 bln — Rosatom

March 02, 2016, 16:14 UTC+3 MOSCOW

Of this amount only taxes to the federal budget will exceed €3 bln, the state corporation head Sergey Kiriyenko says

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© Ruslan Shamukov/ITAR-TASS

MOSCOW, March 2. /TASS/. Russia’s revenues from the Hanhikivi-1 nuclear power plant project will amount to €17.5 bln, head of Rosatom (Russian Federal Atomic Energy Agency) state corporation Sergey Kiriyenko said on Wednesday.

"The effect for Russia during the whole activity life circle of Hanhikivi-1 NPP will total €17.5 bln," he said speaking in the Federation Council, upper chamber of the Russian parliament.

Of this amount only taxes to the federal budget will exceed €3 bln, he added.

In December 2013, Rusatom Overseas and Finnish Fennovoima signed the contract for construction of Hanhikivi-1 nuclear power plant. Along with the construction contract, a ten-year fuel contract was signed with Russia’s company TVEL.

Rusatom Overseas is to supply 1,200Mt reactor for Hakhikivi-1.

According to Finnish media, the project’s cost will reach €6-7 bln, of which €1.6 bln will be invested by Fennovoima and the rest by Rosatom. The commissioning of the new nuclear power plant is scheduled for 2024.

In January 2015, the Russian government approved allocation of €2.4 bln in the ruble equivalent for the Finnish project, but not more than 150 bln rubles ($2.03 bln) were to be given from the National Wealth Fund.

The project will be financed from loans for the sum about €2 bln, which are guaranteed by export-credit agencies. Other loans will account for €0.8 bln. By the time of putting the NPP into operation its own capital will total €1.66 bln.

Earlier the Russian government planned to allocate 35.5 bln rubles ($481 mln) for the project, 51.2 bln rubles ($693 mln) in 2016 and 41.3 bln rubles ($559 mln) in 2017.

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