Fennovoima
Corporate brand
UnclaimedFennovoima is a Finnish nuclear power company created to develop the Hanhikivi 1 nuclear power plant, a project terminated in 2022.
Last updated August 22, 2026
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Overview
Fennovoima Ltd, or Fennovoima Oy in Finnish, is a Finnish nuclear power company established in 2007 by Finnish industrial, commercial and energy companies seeking dedicated electricity generation capacity. It was originally structured around Voimaosakeyhtiö SF, a Finnish Mankala-style cooperative whose shareholders finance generation and receive electricity in proportion to their ownership, and German utility E.ON. Voimaosakeyhtiö SF initially held 66% of Fennovoima and E.ON held 34%. After E.ON withdrew from Finland, Voimaosakeyhtiö SF temporarily became the sole shareholder. A subsequent arrangement brought RAOS Voima Oy, a Finnish subsidiary of the Russian state nuclear group Rosatom, into the ownership structure with a 34% stake previously associated with E.ON. Voimaosakeyhtiö SF remained intended to hold a Finnish majority. The company’s principal purpose was the development of Hanhikivi 1, a planned nuclear power station at Pyhäjoki on Finland’s west coast. In 2010, the Finnish Government granted Fennovoima a Decision-in-Principle for a reactor, and the Finnish Parliament approved that decision in July of the same year. Fennovoima initially considered competing reactor suppliers including Areva and Toshiba before entering direct negotiations with Rosatom in 2013. In December 2013, Fennovoima and Rosatom Overseas signed a plant supply contract for an AES-2006 pressurized-water reactor, a modernized design in the VVER family. The proposed unit was rated at approximately 1,200 megawatts and was originally expected to enter service in 2024. The ownership and licensing process attracted substantial political and public scrutiny. Finnish participation was a central condition of the project, and Fennovoima submitted revised material in 2015 involving Rosatom’s stake and a proposed Croatian participant, Migrit Energija. The Migrit arrangement was subsequently abandoned after questions concerning its ownership and links to Russian financial interests. Public support for the proposed plant was limited, with polling cited in contemporary coverage indicating that fewer than one-third of Finns supported it in 2015. Fennovoima ultimately did not own operating nuclear capacity. Its business was centered on project development rather than electricity generation from an existing fleet. The Hanhikivi 1 project encountered major delays and growing concerns about contractual performance, regulatory progress, financing, supply-chain risk and geopolitical exposure. Following Russia’s invasion of Ukraine, those concerns intensified. In May 2022, Fennovoima terminated its plant-supply and related project arrangements with Rosatom, stating that the delays and Rosatom’s inability to deliver the project had made continuation impossible. The company also cited the increased risks created by the war in Ukraine. After termination, Fennovoima laid off almost all of its employees and began arbitration proceedings against Rosatom seeking compensation for project-related damages. The company’s post-termination operating status is not clearly established by the supplied sources.
History
Fennovoima was established in 2007 by Finnish industrial, trading and energy companies that wanted access to dedicated electricity production. Its original ownership combined Voimaosakeyhtiö SF, a Finnish cooperative organized according to the Mankala model, with German utility E.ON. Voimaosakeyhtiö SF held 66% and E.ON 34%. The Mankala structure is designed to allow participating shareholders to receive electricity at cost in proportion to their ownership interests rather than relying solely on merchant-market purchases. The company’s central undertaking was a new nuclear power station at Hanhikivi in Pyhäjoki. In April 2010, the Finnish Government granted Fennovoima a Decision-in-Principle for construction of a reactor, and Parliament approved the decision on 1 July 2010. The project was initially associated with a six-year construction timetable and a planned completion date of 2024. Fennovoima evaluated several technology suppliers, including Areva and Toshiba, before moving toward a Russian-supplied design. After E.ON withdrew from Finland, Voimaosakeyhtiö SF briefly owned all of Fennovoima. The ownership structure later changed when RAOS Voima Oy, a Finnish subsidiary of Rosatom, acquired a 34% interest. Fennovoima and Rosatom Overseas signed a plant-supply contract in December 2013 for an AES-2006 pressurized-water reactor. The proposed unit was part of the VVER reactor family and was planned to have approximately 1,200 megawatts of capacity. Voimaosakeyhtiö SF was expected to retain a Finnish majority, and its membership was reported to include dozens of Finnish shareholders. The project required continuing regulatory and ownership review. In 2015, Fennovoima submitted an application involving a 35% Russian stake and a proposed shareholding by Croatian energy company Migrit Energija. The proposed Croatian participation attracted scrutiny, and Migrit was ultimately not included after information emerged concerning its ownership and reported relationship with Sberbank. The project also faced public opposition. Contemporary material cited polling in which less than one-third of Finnish respondents supported a Fennovoima nuclear plant. Fennovoima never developed an operating nuclear unit and did not own nuclear generation capacity. Instead, it remained a project company preparing the Hanhikivi site, arranging ownership and financing, coordinating licensing and working with the selected supplier. The schedule and delivery assumptions became increasingly difficult to maintain. Delays, contractual disagreements and concerns about the supplier’s ability to deliver affected the project’s prospects. Russia’s invasion of Ukraine in 2022 fundamentally changed the political and commercial setting. In May 2022, Fennovoima terminated its arrangements for Hanhikivi 1. The company attributed the decision to significant delays and Rosatom’s inability to deliver the project, while also stating that the war had increased the project’s risks. Following termination, Fennovoima reduced its workforce by laying off almost all employees and commenced arbitration against Rosatom in an effort to recover damages. The supplied reference material does not establish whether the legal proceedings were completed or whether the company remains commercially active, so its present status is recorded as unknown.
- 2022
Hanhikivi 1 project is terminated
[1]Fennovoima terminates the project because of delays, Rosatom’s inability to deliver and risks intensified by the war in Ukraine.
- 2022
Workforce is sharply reduced and arbitration begins
[1]The company lays off almost all employees and begins arbitration proceedings against Rosatom for damages.
- 2015
Revised ownership and licensing material is submitted
[1]Fennovoima submits material concerning the Russian shareholder and proposed Croatian participation; the Migrit arrangement is later abandoned.
- 2014
Voimaosakeyhtiö SF confirms participation
[1]Voimaosakeyhtiö SF makes its final decision to participate in construction of the proposed plant.
- 2013
Rosatom supply contract is signed
[1]Fennovoima and Rosatom Overseas sign a contract for an AES-2006 reactor for Hanhikivi 1.
- 2010
Government grants a Decision-in-Principle
[1]The Finnish Government grants Fennovoima permission in principle to construct a nuclear reactor.
- 2010
Parliament approves the nuclear project
[1]The Finnish Parliament approves the Government’s Decision-in-Principle for Fennovoima’s reactor.
- 2007
Fennovoima is established
[1]Finnish industrial, commercial and energy companies establish Fennovoima to pursue new domestic electricity-generation capacity.
Products and positioning
A Finnish project-development company intended to provide domestically controlled, large-scale nuclear generation capacity for Finnish industrial and energy-sector shareholders.
Nuclear power plant project · 2010
Hanhikivi 1
Hanhikivi 1 was Fennovoima’s proposed nuclear power station at Pyhäjoki in Finland. The project was designed around an approximately 1,200 MW AES-2006 pressurized-water reactor supplied through Rosatom Overseas. It was intended to provide long-term electricity-generation capacity for Fennovoima’s Finnish shareholder base, but it never entered operation. Fennovoima terminated the project in May 2022 after major delays, delivery concerns and the heightened geopolitical risks associated with Russia’s invasion of Ukraine.
Brand decisions
2022
Terminate the Hanhikivi 1 projectStrategyBackground
The project had experienced significant delays and Fennovoima said Rosatom was unable to deliver it. Russia’s invasion of Ukraine further increased the project’s risks.
Action taken
Fennovoima terminated the project and related arrangements with Rosatom in May 2022.
Aftermath
The company laid off almost all employees and initiated arbitration proceedings against Rosatom seeking compensation for damages.
2015
Revise ownership structure to satisfy Finnish participation requirementsStrategyBackground
The project required a substantial Finnish ownership component, while Rosatom was to hold a minority stake.
Action taken
Fennovoima submitted revised application material involving Rosatom’s stake and proposed participation by Croatian company Migrit Energija.
Aftermath
Migrit did not remain in the venture after scrutiny of its ownership and reported links to Sberbank, leaving the project under continued political and regulatory examination.
2013
Select Rosatom’s AES-2006 reactor designProduct launchBackground
Fennovoima had assessed alternative suppliers, including Areva and Toshiba, while developing the Hanhikivi 1 project.
Action taken
The company signed a plant-supply contract with Rosatom Overseas for an approximately 1,200 MW AES-2006 pressurized-water reactor.
Aftermath
The agreement established Rosatom as the project’s technology and supply partner, but the plant was never completed.
Recent events
Sources3 sources
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