Wärtsilä and Metso have agreed that Wartsilä will sell its 40% share in the joint venture MW Power Oy to the other joint venture party Metso. The closing of the deal will require relevant regulatory approvals from the EU, which are expected by the end of July 2012.

The value of the agreement will not be disclosed. After the closing of the transaction, MW Power will be wholly owned subsidiary of Metso.

Wärtsilä will follow its strategy and focus on engine-based power plant solutions. The company is a major supplier of flexible power plants operating on various liquid and gaseous fuels. The Wärtsilä portfolio of power plants covers the capacity range from one to more than 500MW.

Wärtsilä and Metso signed a contract in September 2008 to form a joint venture, combining Metso’s heat and power business with Wärtsilä’s biopower arm. According to the contract, Metso owned 60% and Wärtsilä 40% of the joint venture, which supplies small and medium sized heat and power plants for the European market, and focuses on renewable fuel solutions.

MW Power has some 250 employees in Finland, Scandinavia, the Baltics and Russia. The company began its operations in January 2009.