Finnish Nuclear Power Project Sees Potential Advance with New Company Formation

A potential nuclear power project in Pyhäjoki, Finland, has seen a significant development with the potential establishment of a new venture by real estate investor Trevian. The company, named Trevian Power Ky, was registered in the summer and explicitly lists nuclear power as its business sector, fueling speculation that it might be interested in constructing a nuclear power plant on land owned by Fennovoima.

While Trevian's main owner and CEO, Reima Södervall, has not officially commented on the specific project, behind-the-scenes discussions with state representatives and Fennovoima officials have reportedly taken place. Södervall confirmed Trevian's interest in infrastructure projects and its exploration of opportunities in the Hanhikivi area, emphasizing the need for stable, weather-independent electricity generation alongside wind and solar power in Finland.

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Trevian is interested in infrastructure projects and is also exploring the possibilities of the Hanhikivi area.

This move comes after Fennovoima abandoned its own nuclear power project, which was based on a Russian reactor model, in 2022. That project faced delays and investor shortages, ultimately collapsing following Russia's invasion of Ukraine. The site in Pyhäjoki already has zoning and infrastructure in place for a nuclear power plant. Several other entities have reportedly shown interest in the site previously owned by Fennovoima.

If Trevian were to pursue a project like the 1,100-megawatt Westinghouse reactor mentioned by Iltalehti, the estimated cost of ten billion euros might not suffice, given that Poland is paying approximately 14 billion euros per reactor for three such units. Unlike Poland and Sweden, where the state heavily subsidizes nuclear power, Finland has shown political willingness for risk-sharing with potential builders but is unlikely to provide billions in state funding. Fortum, which has long explored new nuclear power construction, has repeatedly stated that building nuclear power is not profitable at current electricity prices without subsidies, unlike the cheaper and faster development of wind or solar power. However, nuclear power offers the advantage of stable production compared to weather-dependent sources.

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We have no further comments on the matter at this stage.