Finnish utility Fortum, together with UPM-Kymmene (UPM), are planning to spend EUR162m ($217m) to help finance the engineering phase in the construction of a fourth reactor at the Olkiluoto site.

At an Extraordinary General Meeting today, the utility Teollisuuden Voima Oyj (TVO) confirmed it is to commence the bidding and engineering phase of a new unit at Olkiluoto, which is located on the southwest coast of Finland.

TVO is currently building the 1600 MW Unit 3 there, but the project has been plagued by delays and soaring costs. The project is now five years behind the original schedule, and is estimated to enter commercial operation in 2014.

UPM, which is a major paper and pulp manufacturer, is also Finland’s second-biggest electricity producer, and hold a stake in TVO through Pohjolan Voima.

Fortum’s stake in TVO is around 26 per cent.

Fortum will invest EUR90m in the new project, while UPM will spend EUR72m.

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