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Ministry: Croatian Fennovoima nuclear plant partner denied

The proposed investment by Migrit Solarna Energija – the company first set to partner up with Finnish Fennovoima on a nuclear power plant deal – has been rejected by the Finnish government. The Ministry of Employment and the Economy announced the news today Thursday, with insiders saying the plant project is nonetheless still on the table.

Kuva aurinkopaneelikentästä Orahovican kaupungissa Kroatiassa. Vihreä pystyristikko näkyy kuvan etualalla.
Migrit Solarna Energijan aurinkovoimala Orahovican kaupungissa Kroatian itäosissa. Image: Yle

The Ministry of Employment and the Economy announced today that Finnish energy firm Fennovoima's awaited Croatian partner Migrit Solarna Energija is in breach of Finland's so-called domesticity policy.

The government's line states that the Fennovoima nuclear power plant must be at least 60 percent Finnish or European-owned. With Migrit Solarna out of the picture, the domesticity percentage will dip to under 55 percent.

The government's 'domesticity' requirement includes owners from EU countries and members of the European Free Trade Association. EFTA includes all Union countries along with Switzerland, Liechtenstein, Iceland and Norway.

Nonetheless, the Ministry says that the fall in domestic ownership does not mean that the nuclear plant preparations have been put on ice.

Minister of Economic Affairs Olli Rehn has previously told Yle that the nuclear door is open to Finnish owners as long as that domesticity is closely scrutinised and followed by the Ministry of Employment and the Economy.

A possible incoming partner, Finnish energy company Fortum, announced last December that it could place a maximum stake of 15 percent in the Fennovoima plant. Fortum has not commented on its stance now that the Croatian competitor it out of the race, nor is it likely to before its shareholders' meeting tomorrow Friday.

Fortum says that if its in-the-works business deals are not struck in Russia, the company will not stake a claim in Fennovoima.

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