Toshiba had also been in discussion with Fennovoima about the project but negotiations will now focus solely on Rusatom.
The agreement sets targets for negotiations that will take place during the rest of this year. The aim is that the final contract for the supply of Fennovoima's Hanhikivi 1 nuclear power plant unit will be signed by the end of 2013. In addition, negotiations are taking place for Rusatom Overseas to acquire a 34 % share in Fennovoima.
The Russian 1200MW reactor design is seen as meeting the needs of Fennovoima's owners, 60 companies representing trade, industry and energy sectors from around Finland. In addition, Rusatom’s execution model and the overall proposal suit the project.
Rusatom’s AES-2006 pressurised water reactor plant is the latest evolution in a long line of VVER plant designs. The plant meets IAEA and EUR requirements, and for licensing purposes, it will be adapted to Finnish national safety standards. Two VVER-440 plant units have already been in use in Finland for decades. Rusatom has other contracts to construct AES-2006 abroad and in addition is building AES-2006 units in Russia.