Teollisuuden Voima Oyj (TVO)


We were advisers to TVO in Finland on the approach to private sector funding for nuclear development. Finland has a high dependency on energy to fuel its wood pulp industry. TVO is a non-listed public company founded in 1969 to produce electricity for its company shareholders at cost price. It operates on mutual principles for its industrial and energy utilities shareholders.


PwC’s involvement on the funding strategy followed an earlier assessment for TVO of its options for major power expansion. Once the nuclear energy option had been decided on, we were asked to look at how TVO could put together a funding package and how it could best access the market to get the skills it needed to get the new power station built. Our work included:

  • Analysis of the access to private sector finance;
  • Preparing a project implementation agreement in preparation for discussions with shareholders and other interested stakeholders.


“Not only was this the largest single investment in Finnish industrial history so far but the mutual developer and operator model was unique. Many observers felt it would be difficult to put together a funding structure for a new nuclear power station that wasn’t within the usual big utility model. The project also came after a long period when there had been no new nuclear build with the result that investors were unfamiliar with such projects. We overcame these difficulties and also addressed issues such as the effective financing and management of nuclear waste costs.” (PwC)