It will employ thousands of people during construction period.
The decision was taken by Voimaosakeyhtiö and RAOS Voima, which own the project promoter Fennovoima.
Finland’s Ministry of Employment & the Economy is now preparing a proposal for Fennovoima’s application to supplement the decision-in-principle. If the government approves the application, the application will proceed to parliamentary ratification.
The project is designed to increase Finland’s self-sufficiency in electricity generation and strengthen the security of supply. According to the agreed schedule, the power plant will generate electricity for its owners at cost price starting from 2024.