Wärtsilä and Metso have received the relevant regulatory approvals from the European Commission for the transaction of Wärtsilä sellings its share in MW Power to Metso. The deal between Wärtsilä and Metso has now been closed.
According to the agreement published on May 31, Wärtsilä will sell its 40% share in the joint venture MW Power Oy, to the other joint venture party Metso. Metso will acquire full ownership of MW Power. The value of the agreement is not disclosed.
Wärtsilä will follow its strategy and focus on engine-based power plant solutions. Wärtsilä 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 500 MW.
Wärtsilä and Metso signed a contract in September 2008 to form the MW Power Oy joint venture, which combined Metso’s heat andpower business and Wärtsilä’s biopower business.