(Bloomberg) -- Fortum Oyj will apply for a permit to extend the lifespan of its Loviisa nuclear power station in Finland until 2050, it said on Thursday.
The plant's two units, with a combined capacity of about 1 gigawatt, were built more than 40 years ago and were scheduled to shut down permanently by the end of this decade. Fortum will now apply for a new operating license that would push the reactors' life beyond 70 years.
While some countries started retreating from nuclear power in the wake of the 2011 Fukushima disaster, others -- including Finland -- are seeking to expand atomic output in the quest for cleaner, reliable energy sources.
Fortum has invested about 325 million euros ($361 million) in the Loviisa plant over the past five years, it said in a statement. The company expects it will have to invest a further 1 billion euros to keep the facility running until 2050.
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