UPM to participate in the financing of the bidding and engineering phase of the OL4 nuclear power plant unit

Archive 31.10.2011 15:00 EET

(UPM, Helsinki, 31 October 2011 at 15.00) – UPM will participate in the bidding and engineering phase of the Olkiluoto 4 nuclear power plant unit of Teollisuuden Voima Oyj (TVO), in the event TVO decides to commence the phase. UPM would participate in the financing in line with its share of 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

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