Wärtsilä and IDRO sign cooperation agreement to develop power generation in Iran

Wärtsilä Corporation, Press release 3 November 2016 at 14:00 UTC+2
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Wärtsilä and Industrial Development & Renovation Organization of Iran (IDRO), the largest industrial corporation in Iran have signed a Memorandum of Understanding (MoU) on October 29th. The MoU was signed in connection to the President of Finland Mr. Sauli Niinistö’s recent visit to Iran. With this agreement, both parties agree to cooperate on the development of decentralized power generation in Iran, including power plant operations and maintenance services and related liquefied natural gas (LNG) infrastructure.

Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry. In a second phase this cooperation will be extended to the marine sector and the Iranian shipping industry.

Currently IDRO owns more than 120 subsidiaries and affiliated companies operating both domestically as well as internationally. Iran ranks among the two biggest countries in the world when it comes to oil and gas reserves. The country plans to investment more than one hundred billion USD in its oil and gas industry in the next 5 years. The nominal capacity of power generation in Iran is planned to grow by more than 25 gigawatts in the coming 5 years. This progressive growth plan is needed in order to achieve the strategic targets of further developing the Iranian industry, manufacturing skills and power plant project execution.

“With this agreement, Wärtsilä is showing its commitment to support the development of the Iranian industry and power generation sector, on the basis of a mutually beneficial relationship,” says Javier Cavada, President of Wärtsilä Energy Solutions.

“Wärtsilä’s proven capability to deliver high quality, efficient, and flexible power solutions will support the ambitious development program of Iranian industry. IDRO will play a key role in expanding industrial know-how and localizing related competences,” says Fardad Daliri, Executive Vice President for IDRO Industrial Investment Development.

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Caption: The Memorandum of Understanding was signed by Mr Fardad Daliri, Executive Vice President for IDRO Industrial Investment Development and Mr Javier Cavada, President of Wärtsilä Energy Solutions. Photos provided by IDRO.

For further information:

Javier Cavada
Wärtsilä Energy Solutions
Tel: +358 50 4393952

Jukka-Pekka Niemi
General Manager, Marketing
Wärtsilä Energy Solutions
Tel: +358 50 465 2805

Wärtsilä Energy Solutions in brief
Wärtsilä Energy Solutions is a leading global supplier of ultra-flexible power plants of up to 600 MW operating on various gaseous and liquid fuels. Our portfolio includes unique solutions for baseload, peaking, reserve and load-following power generation, as well as for balancing intermittent renewable energy. Wärtsilä Energy Solutions also provides utility-scale solar PV power plants, as well as LNG terminals and distribution systems. As of 2016, Wärtsilä has 60 GW of installed power plant capacity in 176 countries around the world.

Wärtsilä in brief
Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers.
In 2015, Wärtsilä’s net sales totalled EUR 5 billion with approximately 18,800 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

About IDRO
Industrial Development and Renovation Organization of Iran (IDRO) is the leading organization in charge of the country’s strategic industrial development. Acting as a government-owned holding company as well as an industrial development agency, IDRO’s main focus is on development of new, high-tech and export-oriented industries. Leading industrial mega projects in the Iran, IDRO is targeting development of specified industries and realization of strategic industrial objectives.