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Finnish companies back nuclear plant as funding deadline looms

Finnish companies signed up to help fund a nuclear plant in the far north as a government deadline loomed to line up financing. State-controlled utility Fortum Oyj, stainless steel maker Outokumpu Oyj and real estate developer SRV Oyj on Wednesday announced plans to either buys stakes in the Fennovoima Oy project or increase their current holdings. Finnish investors had been deserting the project, approved more than five years ago, in droves as electricity prices declined and the country’s economy contracted. The last minute commitments from some local powerhouses may allow the government to fulfill its publicly stated goal of having 60 percent ownership for the new reactor from within the European Union and European Free Trade Association.