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’s management to terminate the EPC contract – which is such a major step for the project – was taken without any detailed consultation with the project’s 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’s CEO had repeatedly communicated to shareholders and in the media.
RAOS Project has scrupulously fulfilled all its obligations, including preparing the key documents required by the regulator for it to issue a construction licence for the Hanhikivi 1 plant. We handed over these documents to our client last year. Fennovoima submitted more than 98% of them to STUK (the Radiation and Nuclear Safety Authority of Finland) and it was anticipated that Fennovoima would complete the transfer of documents to the regulator in April-May.
In its international activities, ROSATOM strictly adheres to the principle of unconditional fulfillment of its obligations.
We reserve the right to defend our interests in accordance with applicable contracts and laws.
