Raos Project had a roughly 33 per cent stake in the project.
Helsingin Sanomat wrote on Tuesday that the revocation of the permit application essentially guarantees that no Russian-funded nuclear power plant will be built in Pyh joki. The permit process has been completed, except for formal termination, said Riku Huttunen, a director general at the Ministry of Employment and Economic Affairs.
Moving forward with another plant supplier would require the potentially years-long permit process to be restarted, making it very unlikely that a nuclear power plant will be built on the site in the near future.
It is a big project to launch a new nuclear power project when it comes to environmental assessments and permits, said Huttunen.
Fennovoima is facing a legal dispute with the Raos Project announcing it will seek compensation for the abandoned project.
The Finnish energy company stated in its press release that all work related to the supplier contract has ended at the construction site, adding that it is currently focused on preserving the site for the short and long term.
Fennovoima expects significant impact from the engineering, procurement and construction contract termination decision and has kicked off consultation for all its employees, which are expected to last until June 21st, it stated.