SRV to join in on Fennovoima project

SRV Group PLC announced on Wednesday that it will join the construction project of the Fennovoima Nuclear Power Plant with an equivalent of a 1.8 percent share as a financial commitment to the project's owner.

Within this agreement, SRV will serve as the project's manager alongside its role as an investor.

“The project required the participation of a reliable Finnish partner familiar with local legislation and regulations,"
SRV President and CEO Juha Ojala said. "SRV has strong experience of project management and we have been well-acquainted with Fennovoima’s nuclear power plant project for a long time now."

In its project management role, it will largely oversee fellow Finnish partners of the project and its main contractor Titan-2. This agreement is pending approval from the Finnish Radiation and Nuclear Safety Authority.

“The agreement now signed represents a significant increase in SRV’s operations and further strengthens our position as a pioneer of project management contracting in Finland," Ojala said. "This is clearly a major agreement package in the company’s history.”

Fortum Corp. has also signed on to participate in the construction project for a 6.6 percent share. This proposed nuclear facility will be located on the Fennovoima Peninsula, near Pyhäjoki. The proposed plant's owner is Voimaosakeyhtiö SF.

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