Fennovoima will construct Hanhikivi 1 nuclear power plant at Pyhäjoki. Fennovoima submitted the construction license application in the summer 2015. To be granted the license, the company must be able to prove that the plant will meet Finnish safety and other statutory regulations. The goal is to get the construction license for Hanhikivi 1 by 2021.
The Government will only grant the construction license after a positive safety assessment from the Finnish Radiation and Nuclear Safety Authority (STUK). Fennovoima is currently preparing design and safety-related documentation for STUK to review. The plant supplier plays a key role in the preparation of the design documentation.
Fennovoima has purchased the nuclear power plant as a turnkey delivery. The plant supplier is RAOS Project Oy, which is part of the Rosatom Group. RAOS Project Oy is responsible for the design, construction, installation and commissioning of the plant.
The total investment cost will be between €6.5–7 billion, which includes the initial plant costs, financing, and waste management. This estimate has remained the same since spring 2014, when the original investment decision was made.
Hanhikivi 1 is based upon a similar design to its reference plant, LAES-2 in Sosnovy Bor, Russia. LAES-2 is currently operating at almost 100% full power output and expected to move into commercial operation in 2018. Lessons learned from LAES-2 are assisting in the design and construction of the nuclear power plant at Pyhäjoki.