Skip to content

Fennovoima submits secret clarification of Croatian investor’s background

The Ministry of Employment and the Economy asked for more explanation after Fennovoima last week unveiled a dark-horse investor just before a crucial deadline.

Kroatialaisen energiayhtiö Migrit Solarna Energijan johtaja Grigory Edel (vas.) ja Voimaosakeyhtiö SF:n toimitusjohtaja Elina Engman haastattelussa Helsingissä 3. heinäkuuta 2015. Image: Martti Kainulainen / Lehtikuva

The Fennovoima consortium submitted further information to the Ministry of Employment and the Economy on Monday regarding its plans to build Finland’s third nuclear power plant.

The ministry requested clarifications on 1 July following the previous evening’s eleventh-hour announcement of a surprise investor in the project. June 30 was the deadline set for the project to have a 60-percent ownership from within Finland domestic  –  or European Union.

Fennovoima asserts that a 150-million-euro investment by the small, previously-unknown Croatian firm Migrit Solarna Energija would bring the EU ownership level of the proposed plant to the level stipulated by the Finnish Parliament. The Russian state company Rosatom owns 34 percent of the project. Migrit's co-owner Grigori Edel has denied this firm has any ties to or backing from Russia.

On Monday Fennovoima provided the ministry with clarifications about Migrit Solarna Energija, its parent company, owners and their backgrounds. Fennovoima obtained this data from its own majority owner, the Voimaosakeyhtiö SF group.

Classified clarification

In an unusual move, Fennovoima asked the ministry to keep the information in the clarification confidential, as it includes “personal data of involved parties as well as commercially sensitive information”. The ministry will study the documents before deciding whether to release some or all of them to the public – and whether the companies will be allowed to move ahead with building the plant in Pyhäjoki.

Also on Monday, Voimaosakeyhtiö SF issued a press release – in Finnish only – saying it is ”extremely satisfied” with Migrit Solarna Energija’s suitability for the project. The company’s only experience in the energy sector is a small solar power installation in Orahovica, Croatia.

The press release quotes Edel as saying: ”Investing in the Pyhäjoki nuclear power plant is a long-term investment that is in line with our strategy. By taking part in the Hanhikivi 1 project, we will grow our know-how and skills in the nuclear sector, with an eye on future nuclear projects in Croatia.”