Fortum revealed in a surprise announcement on Tuesday that it is prepared to acquire up to 15 per cent of shares in Fennovoima on the condition that it successfully acquires a majority stake in a hydro-power operator to be established in Russia. The majority state-owned energy utility yesterday signed a memorandum of agreement with Rosatom and Gazprom over the hydro-power operator.
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Fortum prepared to take 15% stake in Fennovoima
Under the agreement, Fortum will take over a 75 per cent and Rosatom a 25 per cent stake in a company to be established to operate the hydro-power plants of TGC-1.