Putin: Finnish nuclear plant project a sound investment for Russia

Russian Federation President Vladimir Putin said late last week that state support for  construction of the Hanhikivi Nuclear Power Plant in Finland is a solid investment.

Rusatom Overseas, the international division of Rosatom, Russia's state nuclear power company, agreed to a contract with Finnish nuclear power company Fennovoima to build the power plant. Rosatom said Russia has a 34 percent stake in the project as of 2014.

Rosatom also said the facility is expected to become operational in 2024. The facility will feature the Russian VVER-1200 nuclear reactor.

“The money that Rosatom has allocated for the construction of an NPP in Finland is a good investment, as Finland has a very sustainable economy,” Putin said. “Despite obstacles created by the project’s opponents, the Finnish Parliament has made a firm decision to approve it. Rosatom’s partner – a company operating in Russia, which has already invested billions of euros in our economy – has been willing to work together and has assumed the risks.”

The project was approved by the Finnish government in December 2014, and the Russian Federation included this project within its infrastructure projects to be financed, in part, by the National Wealth Fund. The fund indicated that it would allocate up to approximately $2.6 billion toward the project.