Plant Supplier Consortium of Olkiluoto 3 to recapitalise Fund for warranty period work with more than EUR 80 million
When the Olkiluoto 3 EPR (OL3) plant unit was ordered, it was on a fixed price contract awarded to the Consortium comprising Areva GmbH, Areva NP SAS and Siemens AG. The Consortium has still warranty period activities to be completed at OL3 but the funds reserved for their completion in the Fund mechanism were depleted in the autumn of 2024. Areva and Siemens have made a decision to recapitalise the fund with more than EUR 80 million. In the Extraordinary General Meeting held today, TVO’s shareholders approved the result achieved in the negotiations.
The companies of the OL3 Plant Supplier Consortium committed already in the Global Settlement Agreement signed in 2018 to ensuring that the funds for the completion of the plant unit would be sufficient and also cover all appropriate warranty periods.
The Fund mechanism set up at the time, funded by the Areva companies with EUR 709 million, was designed to guarantee the completion of the OL3 project up till the end of the warranty periods. The Areva companies have since recapitalised the fund in 2021 with some EUR 600 million. In the amendment to the agreement that has now been agreed on to be recapitalising the Fund with more than EUR 80 million. The documents once signed by the parties will be sent to the French court for homologation process.
The OL3 EPR plant supplier consortium has constructed the plant unit under a fixed-price turnkey contract. The supplier consortium companies, AREVA GmbH, AREVA NP SAS, and Siemens AG, have joint and several liability for the contractual obligations until the end of the guarantee period of the plant unit.
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