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2016-11-03

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

Wärtsilä Corporation, Press release, 3 November 2016 at 2.00 pm EET

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.

Link to images

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
President
Wärtsilä Energy Solutions
Tel: +358 50 4393952
javier.cavada@wartsila.com

Jukka-Pekka Niemi
General Manager, Marketing
Wärtsilä Energy Solutions
Tel: +358 50 465 2805
jukka-pekka.niemi@wartsila.com

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.
www.smartpowergeneration.com

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.
www.wartsila.com

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.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Globenewswire

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