Hanhikivi
Decision to terminate contract for construction of Hanhikivi-1 NPP unlawful
In its findings, the Dispute Review Board (DRB) confirmed that Fennovoima Oy had unlawfully terminated the EPC contract for the construction of Hanhikivi-1 NPP, and thereafter unlawfully purported to reject the works performed by RAOS Project Oy as the Supplier under the EPC contract.
The DRB also found that Fennovoima Oy unlawful termination of the Hanhikivi-1 NPP project was in breach of the EPC contract, which gives RAOS Project Oy the right to claim damages from Fennovoima Oy. Damages will be determined in additional proceedings.
The DRB findings made by a panel of renowned international experts express a balanced and objective position in relation to Hanhikivi-1.
RAOS Project Oy considers Fennovoima reasons for terminating the Hanhikivi 1 delivery contract unfounded
ROSATOM statement on the Hanhikivi 1 NPP project
We are extremely disappointed that Fennovoima Oy has taken the decision to terminate its EPC contract with RAOS Project.
We would like to highlight that the initiative from Fennovoima management to terminate the EPC contract - which is such a major step for the project - was taken without any detailed consultation with the project shareholders, the largest of which is RAOS Voima (a 100% subsidiary of ROSATOM), with a 34% stake.
The reasons behind this decision are completely inexplicable to us. The project has been progressing and we had established a good working relationship with our client, which Fennovoima CEO had repeatedly communicated to shareholders and in the media.
Agreement on the construction of the third and fourth units of Kudankulam is signed
Electricity generation in Pyhajoki starts in ten years time
I want to thank Parliament for the trust they have shown in this important project. The Hanhikivi 1 nuclear power plant will generate emission-free electricity for Fennovoima owners at a predictable and reasonable price for decades to come. This large-scale investment will create jobs and give a much-needed boost to the economy, Toni Hemminki, CEO of Fennovoima states.
