EUR 400 million shareholder loan commitment to TVO
In Teollisuuden Voima Oyj's (TVO) Extraordinary General Meeting held today, an additional shareholder loan commitment was signed, comprising a total of EUR 400 million new subordinated shareholder loan agreements.
All of TVO's shareholders signed the addition to the agreement and commitment concerning the shareholder loan arrangement in accordance with the proposal presented by TVO's Board of Directors.
With the new shareholder loan commitment, TVO prepares to maintain a sufficient liquidity buffer and equity ratio in order to complete the OL3 EPR project. TVO has drawn all subordinated shareholder loans under previous shareholder loan commitments. Areva continues to prepare a financial solution to complete the project until the end of the guarantee period. In addition, the negotiations with the Areva-Siemens consortium concerning the terms for completing the project continue.
- TVO's shareholders are strongly committed to the OL3 EPR Project, which once completed, will cover circa 14 percent of Finland's demand for electricity. The Olkiluoto 1 and 2 plant units currently produce circa 17 percent of Finland's demand for electricity, and their operating licenses are valid until 2038. Olkiluoto's three nuclear power plants enable the production of carbon dioxide-free electricity far into the future, says CEO Jarmo Tanhua.
Further information:
Jarmo Tanhua, CEO
Interview requests:
Pasi Tuohimaa, Communication Manager, tel. +358 40 544 5001
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