The investment project to be implemented during the upcoming years will include the replacement of the I&C and monitoring systems and the reactor steam separators at the OL1 and OL2 plant units.
Teollisuuden Voima Oyj (TVO) and the Nordic Investment Bank (NIB) have signed a EUR 75 million loan agreement to finance the project (Read more: NIB’s news release 29.4.2025). External funding to the investment project will amount to about EUR 150 million.
– These investments are designed to further improve the safety and availability of our plant units. The possible extension of the service life of the plant units as well as an increase of their thermal power have also been accounted for in the investment plans, explains Mikko Lampinen, the Senior Vice President for Engineering at TVO.
TVO is preparing for the decision-making process regarding the potential service life extension and thermal power increase for OL1 and OL2. The Environmental Impact Assessment (EIA) Report for the project was submitted to the Ministry of Economic Affairs and Employment of Finland in December 2024 and the EIA reporting stage was completed in April with the Ministry issuing its Reasoned Conclusion. According to the Conclusion, the EIA Report meets the requirements laid down in EIA legislation.
TVO carries out systematic modernisation of the three plant units in Olkiluoto in the form of annual outages and modernisation projects throughout their service life. The annual outages currently underway will continue until June. The service activities and the refuelling carried out during the outages ensure the stable and as uninterrupted electricity production as possible at the plant units during their 12-24 month long operating cycles. The annual outages also play a key role in the long-term lifecycle management of the plant units. Read more: Annual outages and modernisation projects
The Olkiluoto nuclear power plant is the most significant producer of electricity in Finland. Last year, Olkiluoto produced about 28 percent of all electricity consumed in Finland.
For further information, please contact:
Johanna Aho, Head of Communications, puh. +358 (0) 40 729 0822
Source: TVO
