Wartsila is to develop decentralized power generation in Iran with the country’s largest industrial corporation.
The Finnish company signed a memorandum of understanding with Industrial Development & Renovation Organization of Iran (IDRO) during a visit to Iran by Finland’s President Sauli Niinisto.
The pact covers power plant operations and maintenance services and related liquefied natural gas infrastructure.
Wärtsilä will provide relevant expertise and resources to support IDRO in its objective to improve the infrastructure and develop the Iranian industry.
Javier Cavada, President of Wärtsilä Energy Solutions, said: "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."
The Iranian government plans to grow the country’s power capacity by at least 25 GW in the next five years and is to invest more than $100bn in its oil and gas industry.