New finances for Areva group to finish Olkiluoto nuclear reactor

09/06/2010 10:58 Electricity Market

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French nuclear group Areva is preparing to take a loan of approximately 380 million euros for the completion of the construction of the Finnish nuclear reactor Olkiluoto, which is scheduled to start generating power by the end of 2012, with a delay of more than three years.

The reactor, the first third generation one in Europe, built by the consortium Areva-Siemens with a total generating power of 1,600 MW, was planned to start operating at the end of 2009. Areva estimated project losses of over $2.3 billion, blaming Finnish part TVO for the delays, because of the slow authorization of the project by the Finnish nuclear safety authority. In March, TVO stated that the nuclear reactor is scheduled to start operating in the second half of 2012, information dismissed by the French partner. Both sides have pending lawsuits over payment to the International Chamber of Commerce.

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