The shareholders of Finland's Teollisuuden Voima Oyj (TVO) have agreed to €300 million of loan commitments to enable the company to realise the completion of the Olkiluoto 3 project.
The commitments and related agreements were signed at an extraordinary general meeting of the company that followed a proposal made by its board of directors in February. The new commitment is intended to enable TVO to "maintain a sufficient level of equity for the Olkiluoto 3 project, cope with possible additional delays and possible additional costs in the finalization of the project.”
Olkiluoto 3 is the first-of-a-kind EPR reactor plant which is being constructed by an Areva-Siemens consortium under a fixed-price turnkey contract. When construction began in 2005 a startup in 2009 was envisaged. However, the project has been affected by a number of delays which have pushed the startup date back. TVO says it is "prepared for the possibility" that the plant may not now start commercial electricity production until 2016.
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