Finnish nuclear consortium Fennovoima Ltd. said it had signed an expected deal with Russia's Rosatom State Atomic Energy Corporation to build and invest in its 1,200-megawatt reactor. The nuclear facility is set to begin operations in northern Finland in 2024.

According to Reuters, the reactor is intended to secure cheap energy for the members of the consortium. The said group includes steel company Outokumpu, retailer Kesko and some 40 other Finnish industrial companies or utilities.

Rosatom will however take a 34% stake in the consortium and thus fill a funding hole left by Germany's E.ON. E.ON last year left the project as part of its strategic review, the report said.

Fennovoima did not disclose the value of the agreement signed on Saturday. The deal is still conditional as it requires an approval from the nuclear consortium's shareholders. The plant's final investment decision is due to be done in February, Reuters said.