Atomenergoprom (part of the state corporation Rosatom) through international arbitration demands early repayment of a loan in the amount of 920.5 million euros issued to Fennovoima, the customer for the construction of the Hanhikivi-1 nuclear power plant in Finland. This is reported by RBC with reference to the reporting data of Atomenergoprom for 2022.
Fennovoima terminated the contract with Rosatom for the construction of a nuclear power plant in the north of the country in 2022.
The loan was issued to finance the construction of a nuclear power plant, according to the statements. “As of December 31, 2022, claims on this loan are under international arbitration,” the document says.
In addition, Rosatom is demanding compensation for the value of its Fennovoima shares in connection with the termination of the shareholder agreement. The total amount of claims pending in international arbitrations is 3 billion euros, the document says.
Rosatom and Fennovoima signed a contract for the construction of the Hanhikivi-1 nuclear power plant in 2013. The total cost of the plant project with one power unit, which was planned to be implemented in the north of Finland, was estimated at €7–7.5 billion.
The issuance of a permit by the Finnish authorities was delayed for several years, and in the spring of 2022, Fennovoima announced the termination of the contract. The customer for the construction of the nuclear power plant indicated that the military operation in Ukraine “exacerbated the risks for the project,” and many supply chains were disrupted. Rosatom saw no grounds for termination and emphasized that it fulfilled all obligations. The Russian state corporation promised to “issue an invoice” to the Finnish side.
As part of the arbitration proceedings, the companies put forward claims to each other for billions of euros: Fennovoima – about 2 billion euros, Rosatom – 3 billion euros.
Source: Rosbalt
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