Project company Fennovoima’s decision to terminate the engineering, procurement and construction (EPC) contract with Russia’s state nuclear corporation Rosatom for the Hanhikivi-1 nuclear power plant at Pyhäjoki in northwest Finland was unlawful, a dispute review board has ruled.
In August Rosatom and Fennovoima said they had filed claims for billions of euros in damages from each other over Fennovoima’s decision to cancel the Hanhikivi project.
The Fennovoima consortium, in which Russia’s Rosatom has a 34% minority holding through its wholly owned subsidiary Raos Voima, terminated the contract in May for Rosatom to build Hanhikivi-1, citing delays and increased risks resulting from the war in Ukraine.
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