Finnish power company Fennovoima has signed an agreement with Russia's Rosatom for the delivery of a mid-sized nuclear reactor, the Finnish company said in a statement.

The planned reactor, of the type AES-2006, will be located in Pyhaejoki in northwest Finland and be operational in 2024, Fennovoima said.

As part of the agreement signed Saturday, Rosatom will take a 34-percent stake in Fennovoima, according to the agreement.

The agreement is still subject to approval by the shareholders of the two companies, and a final decision will be made in February 2014, according to the Finnish power producer.

"The plant will comply with the latest Finnish safety requirements," Fennovoima said.

"Nuclear power plants similar to the AES-2006 have been ordered all over the world and at the moment similar power plants are under construction in Russia."

Fennovoima did not disclose the price of the reactor, but said Rosatom will "have an important role in arranging debt financing for the construction phase of the power plant."

The project is one of two new nuclear reactors approved by Helsinki lawmakers in 2010 on top of four reactors already in operation and one under construction in Finland.