Finnish Fennovoima awards nuclear construction contract to Russian company Titan-2

Finnish utility Fennovoima says it has awarded a contract for constructing a new nuclear plant in Finland to a Russian company.

Fennovoima said Thursday that Titan-2 will construct the nuclear and turbine island and provide installations, materials and equipment for the project, to be Finland's sixth nuclear reactor.

Lawmakers endorsed the Hanhikivi 1 project for a 1,200 megawatt plant on Finland's northwest coast in December, provided domestic investors increase their current 55-percent stake to at least 60 percent. Russian state-owned nuclear company Rosatom owns 34 percent.

Fennovoima says it is confident investors will come forward before construction begins, but has set no time frame. The company expects to complete approvals next month for three other key suppliers — all subsidiaries of Rosatom. Site preparations are expected to be completed by year-end.