Finland has approved plans for a nuclear power plant to be built by Russia’s Rusatom Overseas with an $8.7 billion price tag, even though there are worsening economic relations between Russia and the rest of Europe.
The reactor will be built in northern Finland for the Fennovoima power company, and financed by Russia’s state-controlled Rusatom. It is scheduled to begin operation in 2024.
Fennovoima said in a statement that the decision to go ahead is important to the Finnish economy.
“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’s 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”, said Toni Hemminki, CEO of Fennovoima.