Toshiba Enters into Direct Negotiations with Finland's Fennovoima

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TOKYO—Toshiba Corporation (TOKYO: 6502) today announced that the company has been invited by Fennovoima Oy, a Finnish nuclear power company, to enter into direct negotiations in respect of the construction of a 1,600MW class EU-ABWR (Advanced Boiling Water Reactor) for the Hanhikivi 1 nuclear power plant unit in Finland.

Fennovoima was granted political approval to construct a nuclear power plant, a Decision-in-Principle, by the Finnish government and parliament in July 2010. Another company, Teollisuuden Voima Oyj, was also granted a Decision-in-Principle at the same time.

Toshiba responded to invitations to tender by both companies by proposing its 1,600MW class Advanced Boiling Water Reactor for Fennovoima's Hanhikivi 1 and Teollisuuden Voima's Olkiluoto 4.

Separately, Fennovoima today announced that it has decided to assess whether or not to proceed by constructing a medium sized plant at Hanhikivi 1. Whichever option is decided upon, the company said it expects to select the plant supplier during 2013.

Mr. Kiyoshi Okamura, Vice President of Toshiba Power Systems Company expressed "We are honored to be invited to enter into talks with Fennovoima. We would be very pleased to provide our most advanced EU-ABWR equipment and to contribute to ensuring the long-term stability of Finland's power supply. Toshiba is able to respond to Fennovoima's needs, and can offer both 1,300MW and 1,600MW class EU-ABWR based on our long-term experience and know-how. Westinghouse, a subsidiary of Toshiba, which has a worked on many nuclear projects in Europe, will support us in carrying out the work. We look forward to cooperating with Fennovoima and European subcontractors on the construction of Hanhikivi 1."

Fennovoima

Hanhikivi Unit 1 Power Plant

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News Source : Toshiba Enters into Direct Negotiations with Finland's Fennovoima