Outokumpu’s Malinen: Fennovoima’s decision to terminate Rosatom’s agreement was “understandable and correct”

Outokumpu is Fennovoiman the largest Finnish shareholder in a nuclear power plant project with a share of 14 percent. According to Heikki Malinen, Fennovoima’s board’s decision to dismiss the Russian was announced on Monday Rosatomin subsidiary RAOS Projectin was understandable and correct.

“Overall, Fennovoima’s decision to terminate the power plant’s supplier agreement is understandable and we believe it is the right decision in these circumstances,” says Malinen.

“We have written down the value of the Fennovoima project in the last quarter of last year, which already at that time indicated our belief that the progress of the project would be highly unlikely. Now that Russia has started the war, it has made the project virtually impossible. ”

At this stage, Malinen will not comment on whether it is possible to continue the power plant project by finding another plant supplier to replace Rosatom.

Outokumpu’s share of Fennovoima’s investment is approximately EUR 250 million, of which the company states in its latest annual report that it has paid EUR 112 million by the end of last year. In the next few years, the company expects to pay about 20 million in working capital investments per year.

Some of Fennovoima’s other significant holding companies have also written down the value of their holdings in Fennovoima.

By Editor

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