Siemens: to settle Finnish nuclear power plant litigation
(CercleFinance.com) - France's Areva and Germany's Siemens, which are both responsible for the construction of the Olkiluoto nuclear power station in Finland, said they have reached a settlement agreement with TVO, the plant operator.
After the project incurred significant delays and cost overruns, the consortium will pay 450 million euros to compensate TVO, bringing an end to the arbitration process in London.
The parties expect the deal to close before the end of March, which will enable the consortium to complete the project in the coming months.
The project is expected to contribute to the Finnish Electricity grid in about 18 months' time.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
After the project incurred significant delays and cost overruns, the consortium will pay 450 million euros to compensate TVO, bringing an end to the arbitration process in London.
The parties expect the deal to close before the end of March, which will enable the consortium to complete the project in the coming months.
The project is expected to contribute to the Finnish Electricity grid in about 18 months' time.
Copyright (c) 2018 CercleFinance.com. All rights reserved.