Croatia: Rosatom transfers 9% stake of Finish NPP Co Fennovoima to Croatia-Russian company Migrit

22. July 2015. / SEE Energy News

Croatian company Migrit solar energy, with no experience in the nuclear business, became a minority shareholder in the Finnish company Fennovoima, which should build a nuclear power plant in Finland Hanhikiviki 1 of 1,200 MW. Otherwise, the main contractor is a subsidiary of Russia’s Rosatom, and the cost of the plant building is estimated at six billion EUR.

The company Fennovoima, in which a Finnish company Voimaosakeyhtiƶ has a majority stake, has informed the Finnish Government that Migrit Energy gained almost 9% stake in the project. In fact, after concluding that Rosatom, as a 35 percent partner in the project, will be the main contractor and also the manufacturer of the reactor, the Finnish Parliament has requested that 60% of stake in the project have the companies that are domiciled in the European Community. It is also a condition to continue with the process of issuing licenses in accordance with the legislation. When this request was made, the company Fennovoima included a larger number of shareholders and Migrit solar energy is the most important according to the size of the share. Calling on the Finnish economy ministry, Finland Times writes that the verification of the company Fennovoima is the next, if it is assessed that the conditions of ownership and other details are not so as the state has sought, it will be denied a permit for the construction of a nuclear power plant which was delivered on June 30th. Migrit solar energy is a Croatian company owned by Russian citizen Mikhail Zhukov. It was founded in 2011th with the aim of investing in renewable energy sources, and the only project that have completed is Photovoltaic power plant Orahovica-1. Migrit solar energy had revenue of 1.3 million in 2014th, net profit amounted to 20, 727 EUR, while the company Migrit energy is without income and the company is in the red. On their official web-site stands information that the plan is to invest 40 to 53 MEUR in renewable energy in Croatia. Reuters reported that the Croatian company is under the scrutiny of the Finnish authorities, and that it remains unclear how such a small company can raise sufficient capital to participate in such a large project.

To our question about participation in the project, from Migrit groups responded that this investment naturally continued on their current investment and by participation in this project they have acquired the right of disposal with 9% of the energy produced in the future nuclear power plants. The values of their role is 158.5 MEUR and they say it will be financed in collaboration with the financial institutions of the European Union which already have experience in supporting energy facilities. “Hanhikiviki 1 is the most modern nuclear power plants that will have exceptional importance on the energy map of Europe, by which Migrit group would, and thus the Republic of Croatia, be positioned as important participants in the European energy market. The realization of these investments would certainly affect the positive trends in Croatian GDP and contributed to stability and Croatian energy system”, said in Migrit. The plant should start to be built in 2018th, as production in the network would have to start in 2024th. European Green reacted with announcement stating that Rosatom involved “suspicious” Croatian partners in the project, without any experience in the nuclear business and almost no capital. They point out that they believe that the Finnish authorities will thoroughly investigate the “unexpected agreement” in order to exclude possible “Russian connection”, as it is in the national interest. , transmits Serbia-energy.eu

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