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This Company Announcement corrects the headline of the Company Announcement, which was published today at 2.30 pm EET (Wärtsilä to deliver 200 MWe million power plant to Pakistan - value EUR 131 million). Only the Company Announcement in English is corrected.
The corrected headline is Wärtsilä to deliver 200 MWe power plant to Pakistan - value EUR 131 million. The corrected Company Announcement follows.
Wärtsilä Corporation, Company announcement, 29 September 2008, at 4 pm (EET)
Corrected headline: Wärtsilä to deliver 200 MWe power plant to Pakistan - value EUR 131 million
Wärtsilä received in September an order for a power plant, worth EUR 131 million, from Pakistan. The power plant will be delivered as a turnkey project to Nishat Chunian Power Ltd, which is an independent power producer that will supply electricity to the national grid in Pakistan. The plant will have a total electrical power output of 200 MWe.
This latest order follows another power plant order from Nishat Power Ltd, signed by Wärtsilä earlier this year. These two orders will, together with other Wärtsilä power plants already under construction or in operation in Pakistan, produce a combined generating capacity of more than 1500 MWe.
The Nishat Chunian power plant, which will run on heavy fuel oil (HFO), is scheduled to be fully operational in March 2010. It will be located next to the Nishat Power plant on the same site in Jambar Kalan, Kasur District, near Lahore.
"Wärtsilä and the Nishat Group have worked together as one team. Our first project, developed by Nishat Power Ltd., is under construction, and we were pleased to award our second project, developed by Nishat Chunian Ltd., also to Wärtsilä. We are very happy with the level of support that we have received from Wärtsilä." says Mr Mian Mohammad Mansha, Chairman of the Nishat Group.
The Nishat Chunian plant will comprise eleven Wärtsilä 18V46 diesel generating sets with exhaust recovery boilers. The power plant will have a high overall efficiency of 45 percent for its lifetime. The high overall efficiency will enable the generating costs to be competitive. Wärtsilä is a leading provider of power plants for distributed and flexible power generation.
Wärtsilä will supply the plant equipment, then erect, test and commission the plant and provide local construction supervision. An operations & maintenance (O&M) agreement to operate and maintain the power plant is also under negotiation.
"We have enjoyed a long standing relationship with the Nishat Group. With the new orders from both Nishat Power and Nishat Chunian, the Nishat Group will be our largest customer in Pakistan, with over 490 MW of installed capacity by 2010. This order endorses not only the reputation of the Wärtsilä, but also the support service capability that we are able to provide from our regional office in Lahore," says Nomi Ahmad, Regional Director, Middle East, Wärtsilä Power Plants.
Both Nishat Chunian Power Ltd. and Nishat Power Ltd.are independent power producers and members of the Nishat Group. The two companies have signed Power Purchase Agreements with the National Transmission & Despatch Company. The Nishat Group is one of the leading business groups in Pakistan with interests in the textile, cement, insurance and banking sectors.
For further information, please contact:
Mr Christoph Vitzthum Group Vice President Wärtsilä Power Plants Tel: +358 107095670 christoph.vitzthum@wartsila.com
Ms Josephine Mickwitz Director, Investor Relations Tel: +358-400784889 josephine.mickwitz@wartsila.com
Wärtsilä in brief Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 17,000 professionals manning 160 Wärtsilä locations in 70 countries around the world. Wärtsilä is listed on The Nordic Exchange in Helsinki, Finland. www.wartsila.com
