(UPM, Helsinki, 7 December, 2011 at 11.30) – UPM’s participation in the bidding and engineering phase of the Olkiluoto 4 nuclear power plant unit of Teollisuuden Voima Oyj (TVO) is confirmed. TVO’s Extraordinary General Meeting decided today to start the first phase. UPM’s share of the financing is about EUR 90 million. The amount will be allocated over several years. UPM’s participating in the financing corresponds to its share of the ownership in TVO through Pohjolan Voima Oy.
The objective of the bidding and engineering phase is to carry out the competitive bidding process, select a plant unit that is safe and meets all the latest safety requirements.
In July 2010, the Finnish Parliament ratified the favourable decision-in-principle made by the Government concerning TVO’s application to construct its fourth nuclear power plant unit OL4. According to the decision-in-principle, the application for a building permit for the OL4 must be filed latest in June 2015. After the bidding and engineering phase TVO will have the prerequisites to apply for a building permit from the Government.
For more information, please contact:
Mr Tapio Korpeinen, CFO, UPM, tel. +358 204 15 0004
UPM leads the integration of bio and forest industries into a new, sustainable and innovation-driven future. Our products are made of renewable raw materials and are recyclable. UPM consists of three Business Groups: Energy and pulp, Paper, and Engineered materials. The Group employs around 24,000 people and it has production plants in 16 countries. UPM's annual sales are about EUR 10 billion. UPM's shares are listed on the Helsinki stock exchange. UPM – The Biofore Company – www.upm.com
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