Wartsila Wins $250m Brazil Deal

13 May 2010 (Last Updated May 13th, 2010 18:30)

Finnish engineering firm Wärtsilä has announced a power plant deal in Brazil worth close to €200m ($254m), sending its shares soaring today. The turnkey contract for Energética Suape II SA, a company jointly owned by CIBE Participação SA and Petrobras, will hav

Finnish engineering firm Wärtsilä has announced a power plant deal in Brazil worth close to €200m ($254m), sending its shares soaring today.

The turnkey contract for Energética Suape II SA, a company jointly owned by CIBE Participação SA and Petrobras, will have an electrical output of 380MW.

An Operations and Maintenance (O&M) contract is also under negotiation, Wärtsilä said.

"This project represents the largest power plant ever built by Wärtsilä anywhere in the world," the firm said in a statement.

At 0805 GMT shares were 1.1% higher at €38.21, cooling off after reaching a year-high of €39.91, a gain of 5.7%.

The plant, which will run on heavy fuel oil, is to be built in the town of Cabo in northeastern Brazil.