Russia’s Cabinet of Ministers has approved up to $2.3bn in funding from the country’s sovereign wealth fund for the Hanhikivi 1 nuclear power plant project in Finland.

Russian ministerial approval was published on 16th of January on the government’s official website for legal notices. The project has been placed on the fund’s list of “self-supporting infrastructure projects in terms of financial assets”.
Hanhikivi 1
According to the document, the National Wealth Fund – as it is known is Russia – will allocate the Hanhikivi 1 project $549m in 2015, $792m in 2016 and $638 in 2017. There were no details of when the remaining $339m would be allocated.

To be built in in northern Finland, Hanhikivi 1 is scheduled to start generating electricity by 2024. The project is owned by Finland’s Fennovoima.