We advised the state-owned Swedish energy group Vattenfall on making a seed investment of EUR 1 million to become minority stakeholder of Fermi Energia, a small-scale nuclear power plant developer in Estonia.

Future nuclear generation

“With this minority investment, Vattenfall can contribute our know-how and work jointly on feasibility studies about costing, supply chain and capabilities to construct and operate Small Modular Reactor technology. Innovative and fossil-free future nuclear generation such as SMR seems very promising for Estonia, which has the highest average CO2 emissions per generated kWh of electricity of all EU member states,” says Torbjörn Wahlborg, Senior Vice President Generation at Vattenfall.

Under the agreement in the letter of intent of November 2020, Vattenfall is studying the potential for the deployment of small modular reactors in Estonia, especially addressing costing and constructability aspects; the supply chain; operations, personnel and maintenance; and new build financing structure.

Our project team

We helped the client with drafting the investment documents, negotiations, and conducting legal due diligence. The project team assisting the client was led by counsel Lauri Liivat and included partner Toomas Prangli, senior associate Kaspar Endrikson, associate Vladislav Leiri and legal assistant Eva Lennuk.