Teollisuuden Voima Oyj and plant supplier Areva-Siemens have reached agreement regarding the terms of completion for the Olkiluoto-3 EPR project in Finland, with grid connection scheduled for October 2021 and regular electricity production remaining on track for February 2022.
TVO and plant supplier consortium companies Areva NP, Areva GmbH and Siemens AG, along with Areva Group parent company Areva SA, have been negotiating the terms of the project completion since summer 2020. The Areva companies have also been preparing a financial solution to ensure the funding needed for completion.
A key element of the financial solution is that an Areva companies’ trust mechanism established in 2018 is to be replenished with approximately €600m. Both parties will cover their own costs from July 2021 until end of February 2022 and if the project is not completed by the end of February 2022, the plant supplier consortium companies will pay additional compensation for delays.
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