Fennovoima terminates Hanhikivi 1 EPC contract02.05.2022
Fennovoima has terminated the EPC contract of plant delivery with RAOS Project due to RAOS Project’s significant delays and inability to deliver the project. There have been significant and growing delays during the last years. The war in Ukraine has worsened the risks for the project. RAOS has been unable to mitigate any of the risks which makes continuation of the project impossible.
This means that cooperation with RAOS Project is terminated with immediate effect and both the design and licensing work and works at the Hanhikivi 1 site with RAOS project end. Fennovoima focuses now on activities related to the EPC contract termination and its impacts. Main objective for Voimaosakeyhtiö SF is to safeguard the interests of its shareholders in the termination process.
This decision concerns solely the EPC contract between Fennovoima and RAOS Project. The decision does not have a direct impact on the shareholder’s agreement between owners of Fennovoima. Voimaosakeyhtiö VSF continues to be the majority shareholder for Fennovoima and supports the company in the EPC contract termination process.