Fennovoima Ltd is a Finnish

Finland

Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...

 nuclear power company owned by E.ON

E.ON

E.ON AG, marketed with an interpunct as E•ON, is the holding company of the world's largest investor-owned energy service provider based in Düsseldorf, Germany. The name comes from the Greek word aeon which means eternity....

 and a consortium of Finnish power and industrial companies. E.ON Kärnkraft Finland owns 34% of Fennovoima and Voimaosakeyhtiö SF owns 66%. Voimaosakeyhtiö SF has 69 shareholders.

The company does not own any nuclear capacities; however, it plans to build a nuclear power plant at Pyhäjoki

Pyhäjoki

Pyhäjoki is a municipality of Finland.It is located in the province of Oulu and is part of the Northern Ostrobothnia region. The municipality has a population of and covers an area of of which is water. The population density is . The municipality is unilingually Finnish.Fennovoima, a Finnish...

. On 21 April 2010, the Government of Finland decided to grant a permit (Decision-in-Principle) to Fennovoima for construction of a nuclear reactor. The decision was approved by the Parliament on 1 July 2010. The planned reactor will be either an EPR

European Pressurized Reactor

The EPR is a third generation pressurized water reactor design. It has been designed and developed mainly by Framatome , Electricité de France in France, and Siemens AG in Germany...

 or an ABWR

Advanced Boiling Water Reactor

The Advanced Boiling Water Reactor is a Generation III boiling water reactor. The ABWR is currently offered by GE Hitachi Nuclear Energy and Toshiba...

. It is expected to cost around €4–6 billion. Areva

Areva

AREVA is a French public multinational industrial conglomerate headquartered in the Tour Areva in Courbevoie, Paris. AREVA is mainly known for nuclear power; it also has interests in other energy projects. It was created on 3 September 2001, by the merger of Framatome , Cogema and...

 and Toshiba

Toshiba

is a multinational electronics and electrical equipment corporation headquartered in Tokyo, Japan. It is a diversified manufacturer and marketer of electrical products, spanning information & communications equipment and systems, Internet-based solutions and services, electronic components and...

are invited to bid on the project.